Once you have some real life education  and by being in the RE business you will start to meet those wealthy no time on the hands professionals that would love a smart agent to help them invest.. you now are working from a power position.

That way everything is in writing and signed.Also, if you are paying the water bill, I recommend looking into Guardian Water & Power's submetering service.  

Used the inspection as negotiating power for a slight drop in price...and it worked!

Quite frankly if th owner is in foreclosure he has no negotiating power at this point.Have you talked to the foreclosing entity, maybe you can substitute yourself into the loan and pull it out of foreclosure.If their is no equity left it may be better to look elsewhere for your 1st investment.

Pros-  Nothing comes to mind (you ARE managing the property FOR the owners right ;) ) Being the Property Manager often empowers you with good cop powers of mediation when problems arise.  

If so, that may increase your buying power.  

They eat cash flow and the powers that be can yank renting privileges and give special assessments pretty much at will.  

The power company will not let the friend pay since he is not on the lease. 

The beautiful power of a network!

The thing that you have to understand about money is that if its not moving, not growing then its losing value, losing purchasing power, period.