The affordability and cash flow potential are real, but so are the challenges.

I'm making two assumptions here - it will take you a year to get the tenants out, and so you are cash flow negative for a year, and that year of negative cash flow is a lot less than the loss in sale price you will need to take to get it sold as-is. 

- I understand that properties go to auction, but what’s the process like from start to finish? 

What are the main differences in hard money lenders vs. private money lenders?""

Let them know that you like the property and the area, but there are some issues that need to be taken care of. 

It's good that you have two ideas to start with.

I generally would not invest in a place that is declining in population but if you are going to live there then there can be exceptions.  

Are there any lenders here that can finance a conventional loan without a full 2 years of work history?

Quote from @Kaleb Johnson: Quote from @Brandon Vukelich: @Kaleb Johnson if you are serious about wholesaling, it is highly recommended that you hire a real estate attorney in your state to help you draft the docs you need, applicable in your state.

There are also other websites that have a Cost of Living index or other comparison tools.