EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

The cost to evict, in terms of lost rent, vacancy, turnover costs, plus the work involved to secure a new tenant who ON AVERAGE will be WORSE than the one you would be evicting sounds counter-productive.

I would like to follow the same method. 

With $75k very few markets could you withstand a downpayment, closing costs, reserves and capex up front.

Also, You can try wholesaling since your interested in real estate- this is probally the best option IMO since it will help you get your foot in the door of real estate investing with a low cost of entryThese are just a few options I can think of at the top of my hand.

You have to run the numbers - at $389K plus costs for the rehab, is it worth it?

You can seize assets and have them sold but again the costs are paid by you and added to what they owe.

You would come up with the difference plus closing costs which of course is much lower then 20% of 400k plus closing costs.  

Hello,So I am a little curious about 1031 exchanges with respect to "step up in cost basis due to death".

Plus, you want your lease agreement to fit your business model, help you to reduce costs, provide for compensation from the tenant for administrative burdens imposed on you by tenant acts or omissions, provide for procedures tenant need to take for maintenance and other tenancy issues, etc.