To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs. 

Quote from @Jeff Sanders: Personally coming from an agent/investor in CA, I always get a quote from a broker of mine and make sure I am knowledgeable with the fees/costs.

I am considering getting into this space (looking at some courses), but worried that its too late, and that deep local market knowledge/understanding of buyers/connection with developers etc is required to make this work, which only incumbent/long term investors will have and would be hard for a new entrant starting from scratch to catch-up...is my hypothesis valid in your opinion ?

Looking for further knowledge and excited to be on the forum!

They sound very knowledgeable and I am interested in jumping into the customized course they offer. 

OHFA (Ohio Housing Finance Agency) has some down payment assistance options.

Forget collections agency.

Quote from @Henry Jay: Hello, me to real estate and look for knowledge in flipping and rental properties. 

The deeper your market knowledge, the stronger your relationships with agents, contractors, and lenders, and the better your deals will get over time.

Also, be sure to check with the section 8 agency managing the tenants - sometimes if you pass on an additional cost like that they will no longer be eligible to live there if the rent and utilities exceed what they were approved for.