For the second property, I would expect to have to put money into it in some fashion.

If I would have bought a sustained portfolio with multiple units rather than starting with a single purchase I truly believe I would have lost a lot of money while my systems flailed rapidly attempting to catch up. 

I have seen many investors lose money due to purchasing site unseen.

I tend to save the most money by being able to do my own stuff up to code. 

Its much harder to turn a property around in 6 months expecting to have 100% of your money returned back to you - but if you focus on the right property focusing on highest and best use with an ADU add (like mentioned), in-fill/lot split, or other rehabs - then hopefully a semi-decent property like that will perform like a champ in a few years. 

If you feel bad and want to save people money, start with a free pre-screening.

I was out of college (just earned my degree in Culinary Arts) and was constantly running out of money.

I'd spend the money on vinyl.

Do I just have to go by the actual numbers like revenue from last owner and taxes?

If you have enough money but your business is the main driver of income in most cases you can make more money putting time into the business.You could also get creative here.