@Michael R. they only offer it because they collect more in fees than they pay out, most all protection/warranty/insurance is a slow bleed, just save an extra $5000 for your reserves and don't pay it to Zillow. 

The syndicate ran out of cash reserves and doesn’t have enough to purchase the required replacement rate cap.Foreclosure/DIL/short sale may be the best option.  

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I'm particularly interested in areas that haven't yet experienced a real estate boom but are on the cusp of growth.Additionally, I'm looking at options for managing these properties.

You will then have a few options with that rent money....you can put it into principal or you can start saving it to purchase yet another property.

With residential properties and hard money lenders, they will usually have an option for financing the property's renovations as well.There are a couple of caveats: first, most lenders will require a property down payment.

Loan options depend on whether you live in the U.S., live elsewhere, have U.S. credit or visa.

Also, have to investigated financing options?

Created en suite bed/bath, extra bedroom/office/playroom, created family/tv room, added windows et al What was the outcome?

Created en suite bed/bath, extra bedroom/office/playroom, created family/tv room, added a couple of windows in dark rooms, installed new HVAC, ran all new pex lines/valves/shut offs, all new hardwood flooring and carpet, all new and expanded kitchen cabinets, new appliances, converted 1/2 bath into full bath, repurposed 2 unused rooms (1 into a 4th bedroom/office/playroom and one into a family room, installed new interior and exterior lighting, new electric garage door w/remote, and landscaping What was the outcome?