However, as we delved deeper into the project, we realized that a complete remodel would be more beneficial.

Yes, as I'm doing more research, I'm finding that I would prefer to invest in markets that I know personally, so as not to rely on external variables completely.

You've already completed the first step.

In general, assuming someone isn't a complete doof when they buy, I don't think leveraging is as risky as people tend to think it is.

Quote from @Stepan Hedz: That’s a solid list, and I completely agree that these types of real estate investments can be risky for those without direct experience or proper guidance.

Does this completely prevent the tax lien holder of getting additional gains after foreclosing? 

However, as we delved deeper into the project, we realized that a complete remodel would be more beneficial.

This process is relatively simple and can be completed through a title company or real estate attorney.

But it might be a good idea to raise rates each year or so by $50 to $100 because it can communicate that you aren't completely checked out, and you value your property, your time, your investment.

Hello @Matt PowersThere are REI opportunities in different markets - markets in the Midwest and Southeast of the country are great - where not only are the purchase prices reasonable for most RE investors, but the homes are turnkey (new builds or completely rehabbed homes, tenant ready, systems 10 years of life remaining on them, property management teams in place) with appreciating home value AND appreciating rent with promising passive cash flow.It really comes down to investing in a growing market, in a good neighborhood & building a great team to support you.