It doesn't seem like a practice that he would appricate. https://www.linkedin.com/in/vinceleisey/

Is it a sheriff sale or online auction?

What sort of risk premium is typically applied to this sort of practice?

You might be able to find your area's laws online.

You can also check their reviews online at Google, Facebook, or Yelp.

Currently a single family home (pictures online look horrific), but approved for condo What steps should I take before calling the owner?

My thinking is that as I grow my number of properties I'll be able to sign management contracts with each and, if I get to the point where I can hire a full time property manager, I could begin taking on property management business from properties not owned by myself.I'm interested in hearing people's thoughts in regard to the tax, legal, and practical implications that would result in using this strategy and whether anyone is or has used this strategy before.  

Without a specific property online reserves will be hard to guess but 3-5k a unit is a good place to start.

I wish there was a simple step by step instead of guidelines of best practices, but every deal and investor is different just like the pies.Anyway, I house hacked 2 of my rentals, my first and 3rd. 

This best practice is no different than if you receive a physical check from a tenant.