For lead time to closing could be 6 months to 1 year sometimes as buyers do careful planning when investing millions of dollars down on a purchase.The upside is when you do close some you can have years worth of income while working on the next deal.Example if I make 100k commission on 10 deals that is 1 million pre-tax.

Is there anything I should be careful about or watch out for?

He insured his family was well taken care of with having a home to start with!

Foreclosure is extremely state-specific as well as county-specific and sometimes city-specific, and you need to study the process carefully before you wade in and bid.

Of course if you have either A class properties or enough for the property manager to care it might be easier.

What is your skin in the game upfront? 

The communication at this point is a careful dance.

Most tenants could really care less who there landlord is, what they care about is do things get fixed on time is the property maintained well.

You can ask for concessions, but they have no obligation to accept them, and we don't know for sure if the problem is that the tenant required 60 days or if the tenant is just being difficult and their credit is bad enough that they don't care if they get evicted if it means a couple more months of a roof over their head. 

But there are things such as minor repairs (update a pipe on a radiator etc).As for why more than 6 units a year = simply to have passive income so we can take care of our kids, my parents and leave grandkids with something.