I was hoping that using a custodian might actually remove a level of complexity, by having them manage some IRS and banking and paperwork stuff.Since I will be out of town from the property and won't be able to write checks on the spot anyway, I figured what's the difference who writes them as long as they get sent out right away.

I also read that with FHA, I could get a multi-family home as long as I am living in one side.

As long as our current political environment in CT exists, I don't see a lot of catalysts to turn it around.

A snake in the grass is not a problem as long as you know that it's there.I don't think they'll come out smelling like roses either. 

@Brandon Pearsons The math would tell you that as long as you have positive leverage and you can reinvest at the same rate (meaning that your net return is > cost of debt), you should always take the cash flow vs. paying down principal.

(You can do this the day after you do #1 so long as the effective start date of the new lease is the day after the expiration of the old lease.)3.

This is the best strategy identified for me so far....but again, as long as i make repairs...including plumbing and electric, I will still be personally liable so the true amount of protection is debatable.  

Either way, the county wants it back on the tax roll so go ahead and grab the lien/deed as long as it's not a complete piece of trash.

As long as you can make money off the deal, it doesn't really matter.

You will also want to keep in mind that as long as you can considered yourself a "real estate professional" and you have an overall loss (hopefully not!)