With regard to the numbers you posted, all other things being equal, it wouldn't make ANY sense mathematically to ever purchase a house that needs $60k worth of renovations when you could buy one that's already renovated for only $20k more.  

Also be wary of people who quote ungodly high numbers, as we recently went through one of the biggest market downturns in history, it's easy to find good deals when your average house lost 20-50% of it's former value, rents may have also gone down, but not nearly by as much which led to some good buys.In general however is if a property rents for 1% of the purchase price then all else being equal you should break even or at least very close to it. 

Since people quite often say it's worth a plane ticket out if you're serious enough, then it seems equally as valuable to give a couple hundred to a GC that you trust (manwaring?)

I should note that you are then not making market gains on that withdrawn amount so factor that in but if you're on this forum you probably see real estate as equal to or better investment than stock market anyway.

I built another little piece of software the same way last year (doesn't net as much income, but still runs itself and is equally exciting).  

I'll ask the court to award me a monthly payment equal to the savings the debtor can realize by subscribing to the companies I subscribe to.

High CAP rate does NOT equal profitable.

Information contained on the Tax Sale list includes the permanent parcel number, the assessee name, the delinquent tax amount and the state equalized value.

Me and my partner would do all the work and when the house sell we would split the end profit 3 ways equally.

I suggest that you consider calling some different mortgage brokers and seeing is they have any loan products that are a better fit than what your bank is offering.Not all mortgage brokers are created equal, especially when it comes to loan products.Shop around...