@Viktor Chornobay's list covers many of the common markets we have come across.

I showed @David Krulacvia PM  a property that underwent what I will nickname "the trifecta" - it had been sold by the TCB, then the mortgage foreclosed (on the buyer at TCB), then the school district had the property sold at sheriff sale to cover unpaid school taxes (the lender's lien was no longer in effect because of the mortgage foreclosure sheriff sale, and lender did not cover the school taxes to prevent that sale).

In this case, it doesn’t sound like you can prove that the tenant caused the damage, so it’s going to be on the owner to cover the cost of the repair. 

There are also signs of a cover up at the base of the foundation because there are new concrete blocks there to hide the foundation and a temporary drain placed nearby to prevent water from reaching the foundation.

So the thing you need to worry about is, if the property is making enough to compensate you for the risk taken, that is it covers the debt payment and some return on your capital. 

Now the house sits for three months and now Im covering the mortgage (at 143,000 for a VA mortgage your propably sitting $800 with taxes) which equates to $2400 leaving me with zero profit.

let me explain:1. find a multi-family property2. negociate with owner for an rent-to-own deal (pay enough to cover mortgage & taxes)3.

@Joseph M. pretty much covered it.

The maintenance cost estimate does not even cover cleaning up after vacating.

To cover yourself, its probably always best to send a letter to the current occupant letting them know of your intentions.