Good luck to you, you will find with more than 50% of rent going to debt service, these are not great cash flow properties at the moment. 

Conditon of apartment is at time you take possession, so do a walkthru on that apartment within the first week or so of ownership.Ask owner to send or drop off to tenant letter of change of ownership this is usually done day of closing, and you also send or drop off letter of introduction including where and how to pay rent, and emergency service contact info. 

If this house were in perfect condition: with new flooring, paint, landscaping, appliances, fixtures, it would sell for between 400-420K. 

Is there some service that can provide contact information (name, address) of folks who are currently a 2-3 months late on their mortgage or possibly in a pre-foreclosure situation?  

We recently bought flooring for a new house we are closing on and I was expressing strong opinions on the cost and style and I had to stop and told her "You're the expert on the interior design and what will last the longest relative to cost so you pick and I trust you" This has helped my wife who hasn't listened to a single podcast from BP move forward and buy a house and start renting our old one within 60 days!!

However I believe there is an option to upgrade beyond the free service to access this feature. 

@Tom HurfordThe house is 2400 square feet, brick. 4 beds, 3.5 Bathrooms, University Heights, OH (near Cleveland)ARV: $240K-$260K Initial Budget was $58KBid from contractor: $59KMaterials I am providing: $16K (incl 2k contingency) (in bold below)Rough Scope: Landscaping (clean out window wells, remulch beds, trim bushes and trees)- L: $1845Masonry ( Tuckpoint Chimney, Tuckpoint exterior masonry around porch, powerwash brick) L&M: $1200Windows (Replace 16 Windows): L&M:$3600Roof (Inspect Slate Roof): $150Gutters (Replace all gutters): L&M: $1200Deck (Powerwash and stain): L&M: $500Front Porch (Scrape and Paint Iron Railings): L&M: $100Exterior Lights (5): L:$100, M:$200Kitchen (Complete upgrade, counters, cabinets, tile floor) L&M: $11,000, Appliances: $3,000First Floor 1/2 Bath (Complete upgrade,): L:$2000, M (supplied by me):$550First Floor Master Bath (Complete Upgrade): L:$4500, M (supplied by me):$2400Second Floor Main Bath (Complete Upgrade): L:$4500, M (supplied by me):$1800Third Floor Main Bath (Complete Upgrade): L:$2000, M (supplied by me):$1600New Entry Doors and Lockset (3): L:$300, M (supplied by me):$1025Finish Basement walls and ceiling (Frame, drywall, and Trim, 400 sq ft) L&M:$10,000Finish Basement Flooring (LVP): L:$1500, M (supplied by me):$1000Refinish Hardwood (1300 sq ft): L&M: $5000Electrical (Replace outlets, switches, faceplates, interior lighting): L:$1100, M (supplied by me):$1026Paint Prep : L&M: $600Paint Interior (floor (basement), ceilings, walls, and trim): L&M:$5000Exterior Painting (Garage door, house/window trim): L&M:$2500

I have no affiliation to the following companies other than I have used, and continue to use their service.

Then, give them a free week of access to your list.If PropertyRadar comes to your neck of the woods I think your service might be in trouble though!

So if your end product is 40k  lets break it down.. not a sales pitch or what you want to hear.your turn key company or provider is going to want to make at least 10k.. that's common in the industry.. that leaves 30k to do all this... your contractor putting it all together wants to make 3 to 5k.. so that leaves say 25k to put it all together.to have a sustainable rental.. you need New mechanicals new roof.. sewer scoped and replaced if needed up graded plumbing and electrical.. new paint and flooring.. cabinets and appliances and hot water heater.. this all cost at least 15 to 20k.. leaving you to pay 5k for the asset...