I was wondering if I should concentrate on markets like Virginia where I here is hot for investing opportunities.

They are applying to live together in a very well maintained three bedroom townhouse.

At the same time, if the property hasn't been maintained and taxes haven't been paid, did the bank already release it? 

It's harder having 1 or 2 properties and maintaining a full time job, with doing this part time.

There is really nothing passive about my real estate income, as I am proactive about finding properties, securing the financing, purchasing them, rehabbing them, finding good tenants, and doing all the tasks required to maintain the property.

We are already 50% over budget for December and another 6" are forecast for Monday :-| At this rate, we're on a curve for a 4-5K winter ... yet another reason you need to maintain adequate contingencies!

We maintain good relationships with our subs and know what to expect from them, so we schedule accordingly and don't let critical path fall behind.

As for wood we do A LOT of rot repair on Andersons and Marvins that are only 10 years old or less because the home owners did not maintain them (the sill in particular).  

The reason it sat was because the inside was designed very quirky and eclectic, as well as an elaborate garden in the back that will require work to maintain.

Borrower further represents that the loan funds will be used solely for the purchase, refurbish, rehabilitation, remodel, service of, and to otherwise maintain such real property, and for no other purpose.