And the later on find out that it needs major repairs and there goes your positive cash flow, in many cases people actually lose a lot of money by not doing there homework and thinking that they can't fail.

:)Regarding my expectations from property management companies - I read on our sites that there are companies that do almost anythingThey have "property manager, a handyman, real estate agent, etc.".You need to come with description of what you are looking - let's say duplex and probably more details about the budget for the house, rehab and so on..After giving those details, the companies search for assets, offer it to you, you do your calculations and actually negotiate through themThey will handle the tenants, the mortgage, lawyer, fix issues - But all things should go through meThe problem  - knowing what is a reasonable price for them to manage my property and to trust them : )

wonder if the two deceased are in probate or Will and meanwhile the tax is going to the unrelated person at that address that actually is related relative.

They will send out a 20 day notice of intent to foreclose before they actually file the foreclosure notice.

Even if the home is in impeccable condition and you actually own the dirt it doesn't mean much if there's a lot of PRE HUD home or if the development itself is in a blighted neighborhood that's going downhill.

The house was actually a 3 bed, 1.5 bath.

This is my first house purchase and I would have to live in it for a while before I could even think of selling or renting it out.The inspector was awesome and actually flips houses on the side. 

I have a number of other properties like it and mostly bought special coverage replacement cost (RC) and one property has broad ACV (actual cash value).  

It is actually a federal crime to alter/repair a HUD property prior to closing.  

@Matthew Paul for that money that you have allocated to real estate investing, aren't you actually losing 2% a year to inflation.