The rules vary quite a bit from state to state. 

(Article Source: http://www.trulia.com/trends/category/bubble-watch/)Posted by Corey Curwick Dutton, Hard Money Lender

That would equal an ARV of $206k ($295k x 70%) minus repair cost of $43k = $163,500 but you still have to minus holding cost (varies but let's say $7k) and selling cost (17,700 - 6% realtor fee) = $139,500.

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This goes back to building in vacancy and eviction costs and it's not a hardship when you plan for it.While eviction processes are standard to some extent they vary by state and some states and judicial systems are tenant friendly versus landlord.

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Markets vary but I have been told the average assignment fees are 3K-5K/property if you can get a couple dozen of those over the next few years you should be able to pay off all that debt.

I am sure that adverse possession laws vary from state to state but in my state it requires, open, notorious, hostile possession under color of title for 10 years. 

I actually agree in principle.Major expenses (think roofs, furnaces, etc) vary less in price from area to area than rents vary.  

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