I want to start consulting other landlords and investors on how to best minimize risk and maximize rent.

Luckily, I booked a flight out to New Orleans for three weeks to give me a chance to do some of the rehab (very minor stuff) so a delayed closing will be doable.

If you manage it properly you will have very, very minimal vacancies. $341 for water and sewer for one tenant is insanely high and I would wonder why in the hell that is going on, what is going on with it, and how much the problem is going to cost me to get fixed.  

A presale is regular cash out sale - Not much creative but can provide a delay that you will need as an investor to conclude the transaction.If PMI (Private Mortgage Insurance) is involved a company may subsidize the sale even if the property has negative equity.

Along with what you stated above is the fact that "delayed gratification" is lost.

Of course, if the lien is filed after we get a prelim but prior to close, we'll pick it up on the date down which would delay the close, but not leave me stuck.

That said, there's definitely a delay.

I apologies for the delayed response I have been out on Army Orders for a bit. r,Richard

Pay attention to the age of the building and everything that looks like delayed maintenance.

I'm currently looking at MLS deals and am open to value-add if it is minimal, as I do not have a lot of experience in renovations.