Just make sure to properly clean and seal it (the existing floor) so that the adhesive will properly stick to both floor and vinyl planks.  

That can be an overlooked cost if they are not metered properly. 

I have heard way too many stories of landlords not handling a security deposit properly and if the judge finds out about this during an eviction you could be ordered to pay the tenant 3X the amount of the deposit in damages. 

Having been a high volume REO agent in the past I can concur there are many details involved that must be transacted properly on both sides of the transaction in order for the seller to substantiate taking what is more often than not a serious loss of capital.  

And in my case, neither is a great expense anyway.As mentioned, plumbing could be a recurring cost if the landlord doesn't ensure the plumbing is in great shape during rehab. 

This common use area was great for us, but now I have huge space that I am not collecting rent on.2.Not properly vetting my property manager.

Just a note of caution that the mechanic lien must be properly named and notified in the foreclosure action, otherwise they could come back and reclaim.  

http://www.biggerpockets.com/starthere Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessBefore your 1st purchase, please ensure you visit the below link for some tips. http://www.realestate.com/advice/buying-your-first-investment-property/ eBookhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book Blog http://www.biggerpockets.com/renewsblog/2013/02/09/how-to-start-investing-real-estate-young/ Lastly, don't forget the podcasts, webinars, #askbp podcast and the blogs.

Without knowing a LOT more info your question can't be properly answered. 

The TL;DR version is this: if you use the proper paperwork (purchase w/ an option) you definitely do not need to close on the land before you market it and line up a buyer.