.#7...set up google alert for the address, so sometimes you can see it being advertised... check craigslist and Zillow periodically.#8 If you think the renter was legit and legitimately scammed, see if you can figure out the numbers, address, payment method, and advertisement.... file criminal charges with the police. 

Period.

I suppose a good example would be -- if you were to buy a property whose interior was straight out of the 70's (heavily outdated but in mint condition), what would you be updating/putting money into before putting it on the rental market?

Update:  So I took the advice here and I am getting all of my properties refinanced on 30 year fixed. 

Also, there should be an inspection period stated in the contract.

Let me put that another way: if they were presenting on the CNBC show "Shark Tank" what would they be offering as a financial return for my investment and over what period of time?

If I thought that way seven months ago, how does that influence the next seven months.Many forum posts are many months old, and only a few gets updated, but most are just forgotten unless there is an update on a old post. 

I am concerned about us being pre approved (low credit scores) to purchase a multifamily and do a traditional bank loan, or likely a rehab loan as most of the multi families in our area are in need of updates, and more expensive than a property we could find to Fix and Flip.

Here is something a guy named @Andrew Postell put together and I say is well put together:If you buy a property with cash (or with a HELOC) you can receive a cash out loan on Day 1.There is not a 6 month waiting period with receiving a cash out loan if you purchased a home with cash or with a HELOCBUT you will be limited to the amount of….Your purchase price + closing costs (costs when you purchased the home)OR75% of the “After Repair Value”…WHICHEVER IS THE LOWER AMOUNT (super important)These rules are important to understand so here are two examples:Example 1: If you purchased a home with $50k of cash, and put $30k of renovations into the loan, and the home was worth $100k. 75% is $75k and $50k is your purchase price.

Looking for some guidance on options when foreclosing on a property in a state with redemption periods.