I think the answer is going to be somewhere in between.

Quote from @Brandon Weis: In your opinion, as you are starting out at 0 reviews, do you think it is a must to beat the competition on price to overcome customer's hesitancy or lack of trust with no reviews?

Think of property expenses as the property’s money—not your own.

I just think you would find better deals looking at the residential side of things.  

Quote from @Peter Walther: I think you'll find most, if not all title insurers, will require the DIL to be dated and executed subsequent to default in order to insure. 

I think you’re under a misconception that’s leading you to think you have options you don’t…You say it’s worth $1.1M and you’d net $500k.

Also think about what can be damaged (tenants generally don't take care of the place as well as you would). 

I think because so many do not have the skill set to navigate this community, they feel no one else can win.

I think BP is a great resource.

Think about an HVAC, storm damage, paying for housing if a tree falls on the roof, dealing with stupid insurance companies, etc.