But I have no experience whatsoever, nor do my parents or anyone that I know personally.

At his asking price there is absolutely no room whatsoever for profit.

But I cut my teeth working in high stakes litigation suing major law firms for refusing to cover claims for their clients - the last thing an investor wants to deal with in the event of a law suit is to have their only line of defense walk away from them.

One, if you intend to manage everyone, you should start small, choosing some easy rehabs to cut your teeth before going after the big ones.  

The website states "The purpose of the sale is to offer the properties to the highest bidder free and clear of all tax and municipal claims, mortgages, judgments, charges and estates of whatsoever (Due at the time of sale) except ground rents separately taxed."

My fix up costs were about 10% of purchase price for a light fixer and 20% for a heavy fixer.One of the things that I have taught my students over the last 30 years is HIGHEST AND BEST USE (of real estate) IS INCOME:When I began buying investment properties, there was no question in my mind whatsoever about where I might find some extra money if my properties didn’t provide enough cash flow.

I’ve never had much use for houses that cost me money for the privilege of owning them regardless of their potential.When I began buying investment proper­ties, there was no question whatsoever about where I could find a little extra money if my properties didn’t provide enough cash flow.

Since banks won't finance ugly (when purchased) groups over 4, then 80-90% of the time I got seller financing, with about 10% down.One of the things that I have taught my students over the last 30 years is HIGHEST AND BEST USE (of real estate) IS INCOME:When I began buying investment properties, there was no question in my mind whatsoever about where I might find some extra money if my properties didn’t provide enough cash flow.

It is the owner's asking price, which may have no bearing whatsoever to what the bank may accept.  

There is so much information out there for you to sink your teeth into that I'm sure you'll get up to speed on the basics very soon.