I think the biggest point of consensus about getting started is to work with a mentor, or someone who can show you the ropes with a formal relationship.

Formalities?

My tenant had already moved out, so the eviction was just a formality.    

Here’s the situation:  Kentucky, Judicial Foreclosure State (Lis Pendens)  House is worth 400k  1st Position: Santander Bank Mortgage 400k (Santander Bank N.A.

Would the answer to the last question change if the property is a formal business and its modification is being done for business use reasons - rather than a personal use reasons?  

I live in California which is a non-judicial foreclosure state!

Formal university education doesn’t guarantee competence in real estate investing.

However, you should be able to file a formal request with Planning and Zoning for a Division III "Special Use Permit" to designate the property as a nightly rental. 

It is a legal entity and there are certain corporate formalities that have to be followed even if the entity is inactive.Also in PA if you have losses for the business such as training, office expenses, filing fees etc and you did not have any income then you can not take those losses.

Some of the time formally telling the seller there is a pre-existing condition will cause them some disclosure issues with other future buyers.