Staying on the same page and building trust.

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

This does not align with buying most buildings in cash.Once you progress in your investing efforts you may come across more UHNW individuals, family offices and institutions who would take the lower return for limiting risk (all cash deal).

Then, start building your connection with local agents, contractors and property managers.2. 

IF it is a real problem, then yes, fix it.I would build a fir-in wall out of 2x2s and insulate it heavily (Rockwool comes to mind https://www.rockwool.com/north-america/) There is also drywall that is made for this.

My goal is to build a successful flipping business while keeping family time a top priority.

Own 10 rentals in Columbus Ohio and building another 21 new build single family houses in Florida that will be a clean BRRRR that will be free and clear.

I was fortunate enough to inherit a 21 unit multi family building.

@David LewisOK - so - if you're just doing Internet searches and are already ready to give up... you should put some more work in first. 

When it comes to these types of auctions by the sheriff, is there a waiting period that must be observed before rehabbing/renting the building post winning the bid?