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They would most likely use your liquid assets (cash, stocks, retirement account) to qualify to make sure you have enough for downpayment + closing costs.

Along with many others I'm sure, I read "The Book on Estimating Rehab Costs" by @J.

However, one rental covers the cost of the dues ($800 give or take). 

i.e 500k (400k building+100k land cost),  with cost segregation average 400k X 20% = 80kcan 80k deduction be applied as depreciation, against his w2 income from a salaried position? 

Lead free is a different inspection and costs more.

I think you’ll be able to write off the costs of going after the rent but not the missing rent.

You know, I always think that is very misleading when they charge thousands of dollars to newcomers base off marketing that boasts getting into real estate with no money down.These deals cost money. 

It is a common practice and comes at no cost to you.I would also recommend you require your tenants to get tenant's insurance and add you and your property manager as additional insured as well! 

The only payment you should accept is 100% in full, including late fees and court costs, and it has to be in certified funds (cash, money order, cashier's check).