auction properties for rent to own purpose

[Gp G.]

I met recently one person. He mentions he can find out of state properties from auction web sites for cheap around 10k. He says i can put tenant for rent to own type of deal for 7-10 years for about 500$ rent. I heard Since tenant rent to owns no need of any repairs or toilet issue. Did any one treid this approach. Any pros and cons of this approach. Any good resources and places to get started. I do not want too much problematic properties as well as i do not have time to deal with septic etc. issues with city and counties. Please advise. Thanks in advance.
Regards,Praveen