That terrible..Thats a 17% cap rate with no expenses deducted..I say you figure out the exact gross income or NOI before proceeding

She continues to not pay, then you can reasonably evict, or deduct from security deposit (potentially) at the end of the lease.If she only has a few months left, call it education expense and get her out when the time comes. 

Increasing insurance premiums and will get flooded eventually. 12) greater than 1200 sq ft13) if off MLS prefer vacant to screen our own tenants with our high standards.* this is just a guildeline .  

Most large commercial deals get closed with title companies but it is standard practice to close SFR and small commercial with attorney's.

Truly a case of a slumlord letting the place go to hell, all the while his tenants live in sub standard housing while he sits back and collects their money.

The higher the contractor charges, the more you get the job done quickly.On another note, I am also picky on my customers, just because someone has a $100k rehab project, it doesn't mean I want to take it because there is money to be made, we had to look for workability, standard, expected quality, contracting knowledge of a client, we are screening you as you are screening us. 

Maybe some banks are relaxing their standards?

You can however buy a 2-4 unit and as long as you are living in one of the units you then can go FHA.  203b is your standard FHA loan and 203k is a FHA loan that will also allow for funds towards repairs. 

My understanding is I can deduct $25K from my AGI, which brings my taxable income down to $75K in 2012.

If I had non-standard sizes, I would buy or make some number of reusable filters - maybe 6 or 12 - deliver them to the tenant, tell them to change them once per month and set the dirty filter aside, and I would collect them on a regular basis and clean them/have them cleaned, rinse and repeat.