They are self sufficient, but do not pay me.

After we had the final city inspections it was determined that we needed to build a new garage because our fixes were not sufficient.

We are working with the closing's title company - they are reputable and we have an open line of communication with them, and the listing agent, seller's lawyer, and the reputable title company have told us it's clear there are no liens - to make sure we are sufficiently insured in the title insurance, to make sure the title policy has coverage without any of the liens exceptions listed on auction.com:"Most liens are removed after a foreclosure property sale, but certain liens may remain.Here are some examples:Any lien recorded on title prior in time to the foreclosing mortgage.First Mortgage (if the foreclosing mortgage is a second or third mortgage)HOA or COA assessment liens (in certain states)Mechanic’s Liens (in some states)Government liens such as state and federal tax liens, city or county liens, US Government liens.IRS liens (IRS may buy the property within 120 days after sale at the price paid at foreclosure sale)Code Enforcement Liens, Environmental Liens, and Utility LiensChild Support Liens"Is this the right approach for bank-owned?

It is a lot more risk than I am comfortable with; yes there are incentives but that does not mitigate the risk sufficiently in my opinion. 

Is the tracking of all business expenses sufficient? 

In my market the cost of a general contractor willing to play ball with 203k is such that BRRRR will not work since you will not have sufficient equity after financing the cost of said general contractor. 

If they are only 4 months in arrears they would only need $2,879.12 to bring current. 6 months of seasoning might not be sufficient; you may need at least 12.

Off the top of my head, below are some considerations to keep in mind:-Training is important for new agents so make sure the training they offer is sufficient for your needs.

Weekly farmer's market, multiple LARGE cultural festivals, a sufficient music scene draw, some minor league sports arenas (Hockey, Basketball), and a flourishing LGBTQ+ community to boot.   

No sweat.As a real estate investor you need to maintain sufficient reserves for the unexpected.