This will do a good job of giving you hands-on training in terms of dealing with tenants, maintenance issues, and the overall pain/pleasure of owning income-producing real estate.

On one hand the owners of the vacant houses with code violations are being hammered with administrative fees and code fees from the city, on the other hand if they have been vacant for so long I am sure many other investors have already gotten their hands on the owner or something is wrong with the property to not have been sold and rehabbed by now.

Even if you use a PM you should know the law.As far as how much in reserves, see if you could scramble to get your hands on 6 months of rent value on short notice if needed.

Off hand, I'd think it's probably putting you or the finders in an illegal position acting without a license, but can't say as I don't know what the relationship is.

I don't pick a note based on return, I pick notes based on safety first then I look at its return on investment.Learn everything you can.This market is full of bad deals, overshopped notes and notes that have been in so many hands it could sell tickets.

I was thinking something like if I talk to him about the repairs required and then tell him Im willing to solve his problem by taking the property off his hands without getting the higher authorities involved.. yet?

If you feel lost in the process then yes you should bring someone in who can hold your hand through the process, but if you feel like you have a handle on the transaction then I wouldn't add an agent into the mix because it will cost for their help.You could get some help from your local real estate club or find a mentor that will help you for free (you can buy them a small gift for helping you) but there are a lot of smart, experienced people who are willing to give you a hand if you get stuck.But if you still feel like you need some to take you through the process step by step then get an agent.I hope this helps and good luck :)

Hand the keys over and let someone else do the work?

How can I market this properties so they get in the right hands.

If you are planning to stop-up the lower fireplace - or install a gas or electric insert - you will not need to disturb the fireplace above.On the other hand, if you want to remove the fireplace(s) entirely, then gravity suggests you start at the top and work your way down :-)