Apparently, the person I am under contract with was managing the estate of the actual owner who recently died.  

Focus on smaller single-family homes, condos with low HOA fees, or multi-family properties in these regions, and build a reliable local team of agents, property managers, and other professionals to ensure a smooth investing experience.

Meaning that if you fund a $5K EMD and then decide not to close you lose the EMD, or you pay for an inspection up front and risk missing out on the deal while you're waiting for the report.

I am hoping to learn about managing my own property and how to get tenants. 

Thank you all for your responses I am going to look into managing this one myself to understand more about what goes into managing .

I almost exclusively sell bank foreclosures for a large asset management company, and I also do a lot of marketing for wholesale deals.

Those sounds like great rentals and vacancy rates have been decent - our management team only has a handful of vacanies out of the 300+ we oversee, thankful for that.

After much thought, I decided to become a GC and mange all aspects of my investment rehabs myself. 

Do you have a property management company you use? 

Then it likely takes hiring a GC to manage the project.