So it recently occurred to me that I might be setting myself up for failure. 

I have trouble seeing how this would occur.  

Repairs will occur on most months and a vacancy equals minimum 2 months lost rent and a re rental fee by your managment company.

Hello,What all should I consider at the time of contingency removal for a house requiring major rehab and the owner has passed away, where an attorney who is a trustee is dealing with the sale.I certainly do not want to pay any back taxes, utility bills or penalties that maybe owed by the current seller and I also want to protect myself from any such future claims for the events that occurred before title transfer.Thanks in advance for your response.

Every situation is different, and investors should discuss their plans with their tax advisors, but here are a few suggestions that may help investors structure a refinance so that the funds received are not taxable:The loan should have a clear business purpose (other than just getting the equity out of the property) and that business purpose should be well documented in the investor's files.The refinance should occur as far away in time as possible from the closing of the relinquished or replacement properties.The refinance should be documented as a separate transaction and should not appear on the same closing statement as the closing of the relinquished or replacement properties."

No, we didn't have a termite bond because our first handy man treated all properties with some kind of lime mixture and when he quit working for us due to a disability, it didn't occur to us to get bonds and have annual treatments but, we do now.

Because you rarely end up at your desired destination by accident.

Put a waterproof membrane between the concrete and exiting brick, as well as frame with pressure treated lumber where any chance of moisture may occur.

I don't think that's an accident.

As this economic compression occurs, the ability to capture 20% discount to REAL ARV shrinks.