I think there would be some technological advances and a lot of design work to do this well.  20 to 30 years from now how cool would it be to remotely configure your dining room if you have family coming over for dinner or create an open configuration for friends coming over to watch a football game?

OK, Golden Game Hen.  

Clearly you don't want to go into it with the plan to learn the business then steal all of their customers but knowing the current owner's end game would be important from the beginning.

This prevents any games by tenant claiming a some form of payment was made to me to counter eviction proceedings.So far, this system has worked well.

For your first investment, the best thing you can do is team up with an experienced investor to help walk you through the process and help you get some skin in the game.

That's how a regular company engages in money laundering.

Before engaging in a transaction like this speak with a company/professional who set this up for you, you do not want to make a mistake here, it will be very costly. 

I know it's a numbers game, so should I do this for a couple of more hoods... and then send out my letters? 

There is a rare occasion you will run across a "professional tenant" that knows how to game the system but for the most part you will find tenants that will put up a fight in the beginning and probably get bad advice from friends and when you get to court they have nothing to say except to plead to the judge for a few more weeks and they have all kinds of sob stories and then they have no choice but to move on to the next apartment. 

At that point - game over - and you can still come out ahead.Give me a call if you have specific questions on how to do this.