The property should be able to have rents that easily cover the payments as well as cash flow positive (money into your pocket every month). 

Insurance will do most of the job for you, but the insurance companies will always try to find a reason to say that an incident was not covered under the policy.For federal tax purposes, single-member (single-owner) LLCs are disregarded entities. 

. $15k will likely cover everything else though.I think that's about it.

From there, obtain payoffs on all liens and make sure your offer will cover closing costs and all lien holders will be paid in full.If your offer less closing costs will not net a full payoff to the lender(s) and lien holder(s) then you are falling into short sale territory which is going to require you to obtain approval from the lien holders to release their lien and settle on the debt without obtaining a full payoff.Both can be completed, but it depends on the specific situation and the status of the upcoming auction.

@Neal Collins and gang, any recommendations for a property manager that covers Washington County / Tigard?

I just wonder how people will cover their rental houses if they will be out of countries for an extended period?

Jeez I tell you, yes she is now out my life but I have a bad feeling she will dispute the amount though feel I am covered as only charged $100 for cleaning and repair for excessive .5" holes everywhere, $25 for supplies, $80 for the smoke detector she took down and monoxide detecter she took with her plus $200 carpet cleaning and $325 to repair the holes.

I have a 6-plex that is currently covered and fully occupied.

If I wasn't in town I just rented out the room that I stayed in on Airbnb, which covered a chunk of travel expense. 

I am going to talk to the property manager tonight (as well as discuss the shoddy nature of the repair - just a small piece of wood attached that didn't even cover half of the broken window on the door leaving the house exposed, and had been that way for a week and a half when I saw it).