We actually plan to take it back up to further repair the subfloor, and then re-install :-p. 

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He said he was looking for a 6-7 year plan, so it taking years is expected.

If you plan to purchase a rent ready property off the MLS to LTR the entire property, it will be a while before it produces a positive return. 

My plan is to buy a small multifamily property and househack.

Although I plan on having a title company run a title search and run and O&E report on any property I plan to bid on, I've still spent a lot of time understanding the typical foreclosure property due diligence- looking up the owner and property details on the PA site, looking up the various public records, liens, etc. and trying to understand the chain of title as much as possible.

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@Bryant Brislin I plan to take over payments, facilitate the home going on open market and pay off the remaining balance of the loan.

I also did a number of things around getting better leases created, purchasing a property management solution, formalizing a business plan, etc.  

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.