Meet the contractor each week to confirm progress to give them their payment for that week, checkpoint. 

Purchase price: $135,000 Cash invested: $130,000 Sale price: $349,900 Better than new!

The down payment plus closing costs, expenses to make the property rent ready, travel back and forth (do not purchase a property in a market that you have not visited and/or do not plan to visit pre and post purchase), and the required cash reserves puts your realistic purchase price around $150k. 

However, a landlord may allow late payment of rent through late fees.

I sold all my NPL's in NY and I felt such a relief.1 & 3 not so much as a surprise to me, a lot of training going on right now on that front so gurus raking in the cash. 

You want to either read your closing disclosures because it will state if you "Can" or "Cannot" switch the title vesting to an LLC.If you want to transition your primary into an investment property I would recommend using a Portfolio or DSCR program by doing a simple refinance either cash out or simple rate and term for intended use.

Typically 25%+/- down payment is required.

Also, on the back-end as a rental, how large is the rental base for tenants that make enough income to afford a $3,600 per month rent payment or higher? 

You only need a place to track tenant information, payment history, maintenance, etc.

If you've got a lot of cash, look for places where it's cheap to buy, there's a high demand for rentals, and the chance for growth.Good luck!