Do I get investment plus a full year of interest since the property owner should be paying a penalty for delinquent taxes.

For one thing, there are penalties to pay back.  

At this juncture it is probably best as the other Bob mentions to seek equity partners in some form to continue your dealings.  

The realtors that want to really work with investors and are motivated will seek you out.

After talking with a lender on what FHA had to say about it he said that FHA requires you to INTEND to live in the home for at least a year and that he wouldn't not inquire any penalties.

If you are looking to purchase 2 properties make sure you can get financing for both before venturing into the first deal if you are seeking loans on both.I would suggest to keep your eyes open on a foreclosure or short sale if you are very handy and like to fix things up.  

Hope you find what you seek! 

Seeking knowledge from anyone familiar with the area or have referral sources.  

Many people "jump" into the property management space seek an opportunity after the Great Financial Crisis of 2008.  

BP has a tremendous amount of information to help you, but it is only available if you seek it out.