I flipped my own house with a REALLY massive remodel (even changed layout and added a third floor) in 2008 and cleared $50k on that after the crash.  I've been on the verge of investing in rentals several times since ...

Strategically done, it's definitely a "win/win". 

Rare do you win going at it alone.

Some may see this as targeting people in a financially low position, but if I am helping them sell a property that they cannot afford the taxes on, and putting cash in their hand, I see that as a win win.

After reading How to Win Friends and Influence People, it’s been really interesting to see the recurring theme that people love to tell their story and when they feel heard, they open up and are willing to help others.

Best bet is to just collect all the information and make your own decision.

Typically when you “win an auction and had to place EM” it is an REO, and typically the selling bank pays off any existing liens.

@Peter Amendola excel/google sheets is your best bet.

I think it would be wise to get your own eyes on the property, and setting up the furniture, but I bet you could hire it all out if you wanted. 

I don't make very much money at the 9-5 but you can bet I track every freaking dollar coming in and going out for my properties.