I just started to practice analyzing deals ( used up the free 5 trials for rental calculator, so basically made an excel using old youtube videos on the 4 block technique figuring out CoCROI. )  What i've realized for my area ( Houston, TX) is basically anything over 130k basically produces 0 or negative CoCROI because ultimately your rent is the total income you get and subtract expenses(which usually adds up to around 700-800 bucks be conservative) and your mortgage(which would be around 500-600 bucks a month for a 100k-130k loan)most of the homes near Houston average (base on craigslist, rentometer, realtor.com) 1300-1600 on rent for a traditional 3/2 SFH.

As a listing agent, I will work with buyers directly, but it's required that I make clear I'm representing the seller and working in their best interest, and it's more complicated because lines can get crossed too easily, especially where a buyer shares information they shouldn't. 

Protect your business by preparing for the unexpected.This industry is complicated.

The income part is more complicated, so you'll need to have a loan officer or broker that has experience with rental income give you an accurate answer.

Don't complicate it, just look for a service to do a mow and blow, or a seasonal cleanup, and wack everything back. 5) Find a attorney that works with landlords and get some professional advice, and for and future eviction process if needed.

As Wayne points out, if there are junior lien holders, its even more complicated.

This would also reduce your cash outlay from the beginning...Has anyone done this or does it become too complicated?

The best recommendation that I can give you is to find a local mentor in your market who is willing and happy to hand-hold you through your first commercial deal.Commercial leases are typically more complicated than residential, and the "after renovation" value of the property can be subject to a lot of factors.Walk before you run -- find a few people who have knowledge in your local commercial market and buy them a coffee.

People use them though because they have an awesome sales staff and marketing techniques. 

Some people get more complicated an have a "management LLC" and "property LLC's" to separate the property ownership from the management/operation of the property.