Estimate the costs involved. 

Does this apply to Freddie Mac as well?

The 50A breaker on 8ga wire is surprising, and from my experience incorrect. 8ga wire should be protected by no more than a 40A breaker (unless dealing with certain loads like motors... but that doesn’t apply).

Hello-Thank you everyone for making this site such a valuable and informative resource.I'm involved with a performing note that is currently paying 12% interest. 

Only other thing to worry about is estate taxes which at 10M exemption don’t apply to most people

However, with all due respect you have about 20 podcasts to listen to and about 2K forum posts to read first.Learn a little, ask a question, read a bunch, watch a video.Learn a little more, ask another question, read a bunch more, watch more videos.Get an idea, apply what you've learned, realize you need to learn more, ask a question about your idea, which leads to a bunch to read, and 4 videos.Modify your idea, apply what you already knew, and what the changes to your first idea taught you.

When you say that rental income can be applied immediately, does that apply even if the house is vacant?

Eventually, we reach a settlement and go back into the courtroom for the judge to make it official.For the most part, the settlement will involve some combination of money and time (how much more time tenant gets before lockout).

Can I DIY some things before involving more and more people. 

I’m not saying it’s a no -go ,but I am saying practice your due diligence and get some professionals involved before you get too jumpy