It wont be as easy as b grade and things like unreimbursed utilities and tenant caused maintenance will take a bite out of profits but it is feasible and uou can make money and probably hit the 1% rule with a lower entry point. 

What other expenses are there (snow removal, lawn care, internet, utilities)?

I currently utilize this strategy personally.I have a commercial line of credit that I practice pay check parking with.Pay check parking is the practice of parking all free cash flow that you bring in each month after you've set aside your cash reserves (emergency fund).

You have the area experience and data to help you, but courthouse steps auctions are blind bidding (other than what you can find through the windows), all cash, 10 percent down at the time of close, and not always clear on all of the liens associated with the house (tax liens, HOA liens, utility liens, etc.). 

In the apartment industry, typically $250-300 per unit per month is held by the banks in escrow, but R&M can be much higher - Utilities - Is there any common-area lighting?  

What role do private money lenders and hard money loans play in creative real estate financing, and how can investors effectively utilize them?

Currently, my friend and I split the monthly mortgage payment but he pays all utilities.

@Conrado BalicustoWe utilize RentecDirect.com as a tenant facing portal to collect our rent, deposit it to our bank account, market our properties, screen our tenants, handle our accounting and more.  

My business partner and I have been successfully utilizing wholesaling as an exit strategy for the past three years.

Utilize the most efficient form of entities, Series LLC instead of individual LLCs, LLC instead of corporation (you can elect to have LLC TAXED as a corporation if that is desirable), LLC instead of limited partnership (eliminates the need for a separate entity to be created as general partner).