So the government does not get involved in producing housing, but fills the affordability gap through the private sector. 

Each property cash flows positive $800-1200 per month, and they will payoff at current rate in 10-13 years applying all profit to loan principal.

This will discourage most from ever applying.

I just applied for SS and I want easy money:)

The renovation costs may include a contingency reserve and renovation-related costs.Contingency Reserves: Contingency reserves 10 % required for any unforeseen cost overruns that may occur during construction.Unused contingency reserves that were financed into the loan will be applied to the principal balance of the loan.

It definitely required some flexibility and creativity from all involved

The same common sense rules apply to most things on your credit report - maxed out revolving credit cards and late payments hurt your score, while responsible use of debt and on time payments increase your score. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

That question involves a very basic question and has a very basic answer (at least to me). 

Once you have a lawyer involved and you have paid the costs to start the foreclosure there will be notifications sent to everyone on title that has a recorded interest in the property.