The house has major foundation issues, major roof issues, holes in the floor, and is generally in major state of disrepair.  

Your numbers are great in theory, I'm not a debbie downer just a realist BUTWhat happens when you get one bad tenant and they punch holes and mess up your place and you need to evict.

If there is no storm, but the roof has deteriorated to the point there is a hole in the roof, there is no coverage for the roof or the water damage.the first example has an Occurrence, the wind storm. 

It seems as though there are many loop holes to jump through to get funding. 

So day 1, you're in the hole.  

We kept our noses to the grind stone and slowly started to climb out of the hole.

Here is a BP blog post I wrote about the time and monetary costs of getting licensed in California: https://www.biggerpockets.com/blogs/9561/55035-wha...

Painting - there are holes from hanging pictures and some spots that need touched up.

Theres rusted out junk all over the property, the property hasn't been touched (mowed or pruned in a very long time), there's a hole in the back roof over the porch, and the the inside needs considerable work.

I used the paint to repaint a brick wall and repair a wall a plumber created an access hole for.