Reason I ask is because what would happen in the event that after the LC was executed, the tenants were to completely trash the property (or some other scenario causing extreme property damage) and the expenses to repair would be so high that it would not make any financial sense to repair and re-rent out, and so the new owner decided to cut their losses and strategically default? 

And where I am isn't half bad-- I don't work 9-5, I work whenever I want, I don't deal with a single headache on any of my properties (only occasionally with my PM), I was able to get extremely creative on financing, I walked out of my corporate America job, and now I live on the beach and sleep in whenever I want.

In over 70 years of having extremely good luck I have learned advice is only noise unless it has been requested so I will stop for now with the recommendation to pay attention to the Nike motto: "Just Do it."

Managing a flip long-distance would be extremely difficult unless you work with a reputable partner.

this may be dumb question but I just want to make sure I have all my bases covered also extremely excited to be getting a deal under contract.

But if you have the means and the wherewithal education beyond high school is extremely important unless you're a trust fund baby or suffering from a physical or mental disorder.

Many people move there for the quiet.

We are extremely happy with our choice and have since purchased another rental house and still rent our primary residence. 

I don't dissect their portfolios but with some of the recent extreme weather, turning attention to those markets that have had those types of events, which also means tapping into insurance claims to re-build, is a way to deploy product that has a higher rate of absorption.

With the proper positioning of the gutters and downspouts I have virtually zero water in my basement - only a trickle on extremely heavy rains.