, emergency lighting, handicap accessible entrance, accessible bathrooms, etc

Depreciation basis for the period of rental use would also be determined by the lower of the FMV or the adjusted cost basis at the time of conversion to rental use.

I don't think the fundamentals are there for an implosion like 2007, but I think we could see demand lower as interest rates rise.  

@Samuel Killen  HELOCs can be a good way to access the equity in your property but not have to pay interest until you actually use the money. 

So you sell it low so the offers received are even lower.

If you are in a state that offers series LLC, you may also look at that option that could lower the LLC cost.- The number of property per LLC is dependant on your risk tolerance and setup/reccuring cost for each entity.

Your returns will be lower than someone who can drive over and fix issues.

Their taxes seem to be lower, on average, so I'd love to know your thoughts. 

What usually happens is if the reserve is not met then it rolls to auction.com or back to the court house steps with a little bit lower reserve and the cycle goes on until the reserve is met.

Almost all will let you at least access the property assessor and tax records.