Once you have the money and the skill set to renovate or handle distressed properties how do you move to expand.

I suggest you contact an attorney immediately.It is possible you are being set for an expensive shakedown for unnecessary monies by  professional  tenants.

Some landlords may prefer the inherited tenant to have a lease agreement though so there's some assurance (in theory) that you'll have a tenant in place from day one that's obligated to stay for a set period of time. 

The move is in an effort to accelerate our ability to save capital (see Set for Life by Scott Trench) as we will be living with my parents rent free (we are currently renting for $2,000/mo in Orange).

Summerlin into Zillow and set $250K as the top price and it returns 15 homes.  

Success will never be easy or else everyone would be able to do it but with your mindset, I believe you can accomplish anything you set your mind to because you know as long as you keep going you can't fail.

.- Additional subfloor (wood) and cement board (floor) $100- Shower cement board $75- Waterproofing Membrane (I like to do this) $150- Shower wall tile (80-90 SF) $150- Flooring tile (30-40 SF) $100- Tile setting and grout $75- Vanity with top and mirror (24" it looks) $250- Toilet, wax ring and feed line $100- Faucet, feed lines and trap $75- Trim $25- Accessories $40- Fan/light $150- Vanity Light $50- *Shower diverter valve with trim kit and plumber to install and help set tub/drain. $750- Screws, adhesives and fasteners (cement board screws, caulk, etc) $50- Paint $40- Miscellaneous $100TOTAL: $2530With all of that said these numbers would be my BASE run, and assuming I was spending my budget amount on each item.

Man, what a terrible time to find out my forum notifications weren't set up correctly.

There's a mental strain to owning something you aren't sure what to do with...Set yourself free if you wouldn't buy it again today, then let us here at BP help you get into some real cash-flowing properties !

Even if you had 20-30, you would receive the bill, log in to your bank, set up the payment- done.