The properties listed on the websites for each date get continued about 85% of the time, probably more now.REO are a better bet on the market as @David M.said.

I believe Covington is a good rental area, likely class C or D (workers) tenants.

What size (single family, small multifamily, etc), what class (A,B,C, or D), and what location.

How do I find out if its an A, B, C, or D class neighborhood in my town? 

Is it more of a C or D class neighborhood?

I’m looking for rental properties I would like to hold for long term.Cashflow over appreciationLooking for home with 3 bedrooms & 1+ bathrooms 1100 - 1400 sqft In a C or better neighborhood Under 70k Deteriorated property preferred

You offload all the maintenance on your tenant/buyer and basically just keep the spread acting as a middle man between two groups of people who have money trouble.The rock star version of this is you do it with nice $300,000+ single family houses and sell them for 20% above fair market value (sale for $365,000 or more) to people who have excellent income but crappy credit, so they're willing to overpay and bet on an appreciating market so they don't mind as much being skinned alive on both the above market rent and above market sale price.Like I said....somewhat dubious morality here, but legal in many states. 

IF the current landlord hasn't raised the rents in 20 years, because they just wanted stability and zero turnover, there could be tons of upside once the rents are brought to current market, so what looks like a crap deal because it is only 3% current cap rate, may actually be able to achieve 6-8% cap rate in a fairly short time with aggressive management. 

I do get close to that in that neighborhood but for your first property I highly suggest you look at a stronger c or b neighborhood.

Any one who is a C or S corp typically does not need to be issued 1099s. https://www.irs.gov/pub/irs-pdf/i1099msc.pdf