PM makes or breaks out of state investing.also decent inspections of the properties prior to close and addressing major issues. not talking about an inspection report and have to do everything NO one can do that or should expect it but major systems should be all in place and functioning with nice lifetime left on them.. 

PM me and I can guide you to the right attorney based your specific needs, location, and quality of service you expect.

Since a vacancy is normally expected every 2 or 3 years max, does it mean that every 2 or 3 year, I must expect to pretty much make $0 annual profit?

-on a $74k property, expect to have a lot more maintenance issues than you budget. 

Any thoughts on what to expect for those types of policies in terms of pricing on a $120k-$150k home?

Again, you'll need a track record to get top dollar.Any investor who buys all 4 empty houses without a rental track record will expect to get a discount.  

I expected a video walk-through of a fixer-upper.

I have thought that it is asking too much to expect the seller to just wait until you find your tenant buyer, especially if he is in default of his loan.

So, if the index goes up 1%, FXI would be expected to go up 1% and FXP would be expected to go down 2%, and vice-versa.

He won't have any financing issues with you filing foreclosure and stopping him from getting the money for his new place.If he leaves I wouldn't expect to get much back from him, so it would go to auction and you are out all the expenses to file, so why not just get the title given back to you and save the hassles?