If this was an owner occupied homepath loan and you decided to rent it out, that would be a violation of the contract and you could face criminal charges.

Doing this because of a lawsuit or planned bankruptcy is illegal, and you could face criminal charges. 

You can’t really create any “rules of thumb” on what your expenses are going to be as each deal and nature of default is different and has its own characteristics.On one of the few seconds I have made on multi-unit property, the borrower decided to turn existing carports into bedrooms and bathrooms without permits, got red-tagged by the city, blew it off, then got criminally prosecuted by the city.

Actually the criminal will have more practice then you and use it against you.Weapons are NOT just knives and guns.Your belt, jewelry, keys, pens etc. can all be deadly weapons if you know how to use them.

However driving a car that literally costs more than the tenants house is just offensive.

I don't know all that much, but I do not put RE in corporations.I have both an LLC and S-corp that manages everything, but I'm not touching this one by myself or with the help of drive-byes (no offense BPer's!) 

No major criminal?

I'm not looking for opinions or be careful warnings (with respect I mean no offense).

Rental Data: get market reports from Rent Range, Zillow and also seek a professional property managers opinion on how long it will take to rent, what price it will rent for, and how strong of an applicant will this area receive (as far as criminal background checks, credit risk, strength of employment).Renovation Scopes: An area where you can get burned the most, many "wholesalers" use this area to put "lip-stick on a pig" taking care of cosmetic issues so that you think you are getting a renovated home, but failing to address major and expensive systemic issues.

What your going to do is work your *** off weekends and nights fixing this crapper up so it's decent, make it charming, get Craig list help for 8 bucks an hour.. they may have bad criminal backgrounds so watch your stuff but work them like no tomorrow ok, and do this off your extra income your making per month and ALSO be finding another car to flip on the side to fund this fix up of used wood, old doors, some paint and a LOT of HARD LABOR...but here is the key, by doing this if you BOUGHT WELL BELOW MARKET on this UGLY house....guess what your doing. you are MULTIPLYING your value from your low cost labor and skills at finding good deals for free stuff to fix it up...This is pure brain spit so I am just typing as I think sorry...so....Here is the thing, IF you did this right, you took 1k and in less then 6 months you could and should be turning it into lets say 25k in profit when you sell this house that is now "nice" "cute" and a good "first time home owner home"so, that's one way to take 1k and start to become financially free, it's basically what I did but I started with a little more cash, and now my personal value after many deals has a decent amount of zeros in it.The really bad part is trust me when I say this the first part is THE WORST and the HARDEST. the more you do. the more capital you have access to the less work it becomes in a somewhat unfair exponential curve.