Like in CA.. the banks do not have to reinstate within either 3 or 5 days of the sale. although in practice they will right up until the sale date.I bought most of my sub too's when it was legal to do so in Or And WA and reinstated them day before in many many instances.

@Andrea Jones I think a well structured lease that includes rules, and a definition of instances when it is OK to call and complain will solve 99 percent of what you are talking about.For me they can be the neediest person alive, as long as they pay the rent when it is due, and abide by the parameters of the lease.No sniffing needed 

In these latter instances the property will require additional investment from you to bring it into performance and will enable you to force appreciation of the property ... just be certain you adequately allow for the issues when purchasing.

Local REIA websites - For instance Manareia.com for Bradenton and SuncoastReia.com for the Tampa Bay area.

Variations of this kind of 'problem' has been discussed elsewhere on BP, for instance in posts throughout: http://www.biggerpockets.com/forums/517/topics/64615-corporate-owned-wholesale-reos-not-on-mls?

That could translate to as low 50 bucks per month in some instances - would a property manager really have an incentive to manage a property for that monthly fee?

There is most probably still money to be made there - perhaps fistfuls in some instances - but is is one niche which is looking more and more overdeveloped and eventually the train is going to hit the end of the track.Give a shout out to @Gary McGowan .  

For instance, why do I need to know about loans, water rights, real estate sales contracts, etc, just to manage properties.

For instance I ask at the end to verify when they bought the property and for how much.

For instance, they say you might get 1 deal out of 1000 addresses.