Person has 15 years experience with managing large apartment buildings She is studing  for a realtor license (and which is a concern... she could get a business on the side as a realtor and would not prioritize us)We have people we know in common ... awesome references... constant feedback is the she is  an overachiever She lives between 30 and 90 mins from the properties (they are very spread out)We have a maintenance person almost full time (he does maintenance for us + manages our rehabs)... so the lady we hire would do a lot of coordination over the phoneFor areas that are the furthest I will pay hourly a local person to do some showings We pay her 40k... no property manager will manage 100 units for 40k... they will ask typically double ... also a dedicated person will do other activities (i.e.

I would say save enough cash for the auction purchase plus a little extra for a safety net (10-20%)and then use your Home Depot/Lowes credit card and sweat equity to get the rehab done.

This gives you a safety net of sorts but allows you to jump in. 

All that said, if you and your wife are the only inheritors of this property, and the numbers you put forth are approximately accurate, this could be a great way to educate yourselves with a margin of safety for mistakes (i'm assuming this would be your "first flip," or "first rental prop"), so that you could repeat in the future.  

Find a niche, learn to buy w/ a margin of safety, stack the odds in your favor as much as possible so you can get out tomorrow w/o taking a hit if you change your mind.

Safety is a major concern, but if your contractors are neat and experienced, this won't be an issue for the tenants or them.

You can try to find the opinion itself, but I read the reasoning as being that: (1) such murders have nothing to do with the physical safety of the house; and (2) requiring sellers to disclose such facts may lead to sellers having to disclose other "stigmas." 

It's an easy enough read that you could glean the concepts, and get to the basics.I think one flaw in a lot of financial education is that people tend to prioritize one-time situations over habitual and systematic behaviors.

One thing they usually check is safety issues like exposed plumbing or wiring.  

Build in as much of a margin of safety as possible.