If you wanted to buy a nice home in St.Matthews or Norton Commons (275k+) you'd be looking at rents to value of something like .5 to .8%An average of these numbers would make no sense whatsoever, real estate is much more "local" than the city level.  

Please share what it's like to have rentals, but no debt whatsoever.  

That assumes that the seller has priced the property correctly, using comparable sales and NO emotion whatsoever.  

The city's water quality report makes no mention of sulfur, as far as I can determine.The cold water is ok by me - I take my pills, brush my teeth, make coffee, etc. with it, but the cat turned her nose up at it when I moved in here.

This is the actual wording in the PM contract;OWNER agrees to indemnify, defend and hold AGENT harmless from any and all claims, investigation, lawsuits, actions, causes of actions, demands, rights, damages, costs, loss, expense and compensation whatsoever, presently existing or which may hereinafter accrue on account of or in any way grow out of any and all known and unknown, foreseen and unforeseen injury or damage, loss cost and expense, and the consequences thereof, resulting or to result from the condition of the PREMISES, conduct or inaction which arose or might arise on PREMISES, repairs and maintenance conducted on the PREMISES, and the management and leasing, whether occurring during the term of this AGREEMENT or after its termination.

My goal is to develop/build the home myself but my problem is I don't have any real estate experience whatsoever. 

Also, if you are a new wholesaler or Flipper trying to form an LLC and want to get funding, it is very wise NOT to have anything whether it be "Business Purpose" or an NAICS code that has any relation to Real Estate whatsoever.

And you are correct there is no redemption period whatsoever if a homeowner is foreclosed on via non-judicial foreclosure (trustee sale)Regarding the investor at the auction...Portland is an interesting place.

They felt more like companies I was cutting my teeth on, and learning the basics of building and running a company, managing people and processes.

Those, class D in particular can be too much to cut your teeth on.If you are in middle/upper income and in class A/B areas then, assuming you have time/desire it is a different story.Also like @JD Martin we found local management blows and that is why we started our own company for both our own investments as well as help solve a market problem.