An escrow agent holds things on behalf of various parties who may have an interest in them and only releases them on complementary instructions from all the interested parties. 

Another simple item I use (and instruct the vendors to update) is a shipping tag... heavy card stock, about 2 1/2" X 4 1/2" that has a grommet with a metal wire for attaching to, for example, the AC, or furnace, or water heater, or other stationary items that you perform preventative maintenance or repairs on.

Apparently they had told the previous owner this but she instructed them to not mention it to potential buyers looking at the property as it being occupied was a selling point for her.

So if that's a concern I'd be running to get out.Another hidden benefit in a sale vs refi is that purchase rates are generally a little lower, and you're financing more loan. 

(1) Email response templates to applicants in marketing funnel.(2) Notice templates to tenants (notices to cure, 3 day, "reminder" violation letters).(3) Rent collection only via tenant deposit into my bank accounts; email alerts for deposits for bookkeeping on my end.(4) Exterior maps and instructions for lawn service and snow removal, since I go through those contractors like **** through a goose.

Is it realistic to think I will be able to find a good off-market deal that could be truly cashflow neutral (accounting for hidden expenses like vacancy, property management, depreciation, etc.) while using an FHA 203k?

Tax Free  Exchanging is heavily touted but comes with many costs, some of which are hidden.  

I'm also happy to provide more information if that would help.Note- I am a true beginner, I just graduated last year and since I don't know anyone else who does this, I'm literally following the instructions in a book.

As I prepare to eval the value of the building and what rehab costs or hidden landmines (old HVAC, roof etc) repairs that may be lurking, I have the following questions you may be able to help me with:1.

With all these damn moving parts, contingencies, shadiness, dishonest people,  hidden traps and multiple possible points of failure, why do people go there?