The first episode of BP Money Podcast makes this sound like a loud no...What other questions or concerns should I be thinking about? 

I love the Little Rock market, but I’d be concerned with an ARV around $50k and putting that much work into the property.

Since it is a buy and hold property I plan to keep it longer and am more concerned with the CoC ROI and Cash flow.Thoughts?

1979 NACU 2bd mobile home.I basically have one concern ~ there is a open pipe on the roof, perhaps once used as plumbing vent (we are unsure where they've been rerouted).There was a nest inside, I poked and prodded, no softness, no mold or mildew within field of view.I'm just somewhat worried, it seems this pipe has been this way for a very long time, it crumbles to the touch.

Not all of us are bad but like every profession, there are those who fail due to lack of knowledge, lack of concern for the client, etc. 

- meaning sec 8 residents cause more issues and are more problematic - or is it the other way that they know they are getting help to live somewhere and because of it, and they don't want to do anything to jeopardize that benefit.Or is it that like anything, it's a crapshoot regardless of section 8 or not, where some tenants will be bad and others good?

If you get locked in under the market rents it will not only create a legacy of low returns for you, but it will also be an issue for future buyers.  100% you will not be able to do step type of rent increase to market, RAP just won't allow it.I understand your concerns about your tenant and that is something that you have to personally consider. 

If crime is your concern, find a neighborhood that is less dangerous and/or up-and-coming.

I am mostly concerned with getting property's tax situation, as well as any liens on the property.

I can see these concerns becoming issues if the tenants have been there for a while and 1.