It is an old house there will be major components in addition to routine repairs.How much will the Mortgage be?  

I agree that maintaining the property, requiring the tenants to notify landlord of any hazards within a set period of time, performing routine property inspections, taking pictures of property condition prior to move in, having good contracts/addendums and having adequate insurance are going to provide good asset protection.  

Lenders routinely can fund deals in a day or two.

Depending on what price point you're considering, and whether or not the seller currently or has recently lived in the property, you may cause them a very uncomfortable tax situation.

Chances are, you've not given a single thought to the Nike Shoes you are wearing that were most likely created in a Vietnamese sweatshop by children who cannot afford to wear the shoes you throw away.Chances are, If you are like me, you haven't given any pause to the fact that Apple, who made this Macbook Pro I am writing on, routinely creates jobs overseas so they can legally avoid paying taxes in the United States. 

@Zach Adams  If you really have no idea of market cap rates in So Cal, MF in great areas like west side Costa Mesa are down to about 1-3% and rougher areas like Murrieta and Lake Elsinore routinely trade in 5-6% caps.  

I have a healthy rehab/unforeseen issues allowance budgeted, and have set my max bid, but am hung up on the post-auction/closing routine.

Have consequences that are fair for both of you but uncomfortable for them.

Books, podcasts and REIA meetings should all be part of your regular routines. 

One of my clients routinely buys assets in the 25 to 40k  range and sells them north of 175k but they also gut them to the studs and put 80 to 100k into rehab.