Make sure you're paying attention to taxes and insurance as well!

How would that work out on taxes if I’m the one that owns it, but they’re the ones they get the benefit from it?

. - the appraised value is super low, if you get what you are looking for, I would expect those taxes being significantly higher putting more pressure on the cap rate- it’s a beautiful, unique property.

This is why we buy only in the suburbs of Milwaukee, even though prices are higher, but taxes are lower and overall you have better demographic pools to rent to.

Ca at tax sale. but you have to sift through 2 to 3 thousand to get those..

They're spending tax-payer money, so they'll cut a check without batting an eye.Document condition before and after with photos, inspect regularly, and you should be fine.

In many cases, you’ll still receive the benefits of direct ownership such as appreciation, cash flow, tax advantages, etc, however with a lot less time and headaches.

A lot of the tax deed auction houses I see need to be demolished. 

Not giving tax advise, so check with your CPA, but I sold a rental after it was my primary for over 2 years and as long as it was considered my primary residence "2 of the last 5 years", I did not have to pay capital gains on my property sale up to the IRS limit. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.