Treat homeowners who need to sell because they are in financial trouble like you would like someone to treat your parents.Unless you hate your parents, this will always guide you down the morally correct path. 

Can someone tell me if this is correct: if the owner redeems they have to pay the full bid price, fees and court costs, 10% interest, and any “necessary” repairs (what constitutes that)?

By doing so and if structured correctly you may find your tenant covering most of your mortgage and monthly expenses. 

I can't tell you how many properties have units easily convertible from 1 bedroom to 2 bedroom units, units with favorable dimensional standards which can boost rents with no photos to showcase these attributes, assessment square footage that is not correct,  upgrades not identified in the marketing materials etc.

It may take time but it should start the necessary corrective/enforcement actions.

Hey Emmanuel, You are absolutely correct that 50 Cent has been investing in the area.

The market may be correcting.

You're correct, I am essentially paying them $795 for the privilege of finding THEM a deal.  

Correct me if I'm wrong but I thought the property would have to be completely renovated?   

If I read your post correctly, you are working with $600.00?