With cap-ex extremely low and other expenses low as well I can comfortably take in 1000/m cash and leave the other 500/m for expenses and savings.

Institutional investors sometimes have an extremely low cost of capital and expertise in due diligence that allows them to do well on much lower returns.

Normally dealing with a problem like this is a big challenge, but dealing with it over Christmas eve & Christmas day with extreme freezing temps when no one wants to work adds significantly to the complexity. 

Extreme Example: 1,000sf house on 5ksf lot in original condition, on a main highway, does not have the same $/sf as a brand new, highly upgraded 1,000sf house, on 1 acre of beachfront. * You can ask to extend the due diligence period, based on false information provided/advertised and newly discovered facts.

Getting a steal of a deal is possible but extremely difficult, now more than ever before. if you’re house hacking (making it your primary and doing all the renovations yourself) then you have a much greater chance.  

I didn’t have any help in the beginning and it was extremely difficult.

These situations are extremely hard financially, emotionally, mentally, and spiritually. 

As an extreme example, consider how Hollywood is a different universe from skid row--even though they're both in the same metro area! 

Really, if you have exhausted all of your "trying to reason" with them options, you can actually go ahead and send a pay or quit letter to them.

We still have a lot to learn, and are dealing with vacancies in this area this winter, but are extremely satisfied with this property!