Would your purchase price cover all principal, arrears and legal fees or was it a short sale?

If you are really serious about the investment, use title company to conduct title search on the property to get a whole picture of all the liens and chain of title history of the property. 

The note on the door is a great idea so will do that, since it's not a true "emergency" and it covers me if there is a complaint filed against me about it. 

That's what it always defaults to, but you can add anything you want to the HUD just by asking. unfortunately I don't have a picture of my last HUD n my work computer, but I can get you one if needed.

I know there are niche sites that cover some of these, but is there one master site that does the most? 

2 new bathroomsflooring throughoutpainting throughoutNew plumbing, likelylight fixtureswindowslandscapinggarage doorsinterior doors/trimExterior paintingGarage shingles (barely any pitch but still has shingles)Garage slab 1" crash down the middle.Misc framing, drywall repairs, backspalsh, etc.I will update the list as I am sure I am missing a few items and provide more pictures after the renovations are completed.My initial estimate was about 70k in repairs. 

Am I correct in assuming that another requirement is to have a certain amount of cash reserves saved up to cover any unexpected expenses?

I reached out to the agent for more pictures and a P&L.  

Judging by the pictures and price point, this is probably either a C or D neighborhood.

But high level:1) If the units rental income doesn't cover mortgage its not going into my buy/hold portfolio , I have a separate "appreciation" portfolio for that on (think San Francisco where CAP rates are 3-4 , but if you can wait out or turn low rent controlled tenants you can improve the building profile.) 2) I am currently looking for places in B- to A- areas.