To effectively use the BRRRR strategy, the property will generally have to be fairly distressed in order to force equity and may not be eligible for conventional financing. 

If she has an attorney it can take forever because that attorney will use everything including covid as the reason.So yes, better be a killer deal to deal with her and the  junk.I have dealt with this several times and legally it is hard.Other means are easier.I have several that work very effective but BP puts me in jail for a few days!!

There will never be a time when people aren't speculating about a bubble, but those two things are pretty concrete and will have an undeniable cause/effect. 

I analyzed the DE market, new house hacking near a university would be effective for rent by room, and pulled the trigger.

I analyzed the DE market, knew house hacking near a university would be effective for rent by room, and pulled the trigger.

At purchase of the home, the "HOA" was only in effect regarding road maintenance.  

The more I deal with real life tenants the less I believe this and the harder I work at tenant selection.

I get that hardwood is expensive, especially in todays market, so putting it in a room that doesn't already have it just isn't cost effective.

What are the easiest and most effective ways to see an improvement ?

:- You are effectively purchasing a note at par value which will immediately yield 9% interest (i.e. there is no premium bid like you would typically pay at auction)- Assuming you think there is an opportunity to eventually foreclose on the lien, by purchasing the lien in subsequent years it will keep the property off the sale list and therefore will keep other investors from contacting the property owner?