Being all in for 65K would still be on okay deal for my first - projecting $200 cash flow and a 9% ROI and leaving 20-25K in the deal after refinance.

Of course, the main issue we seek to tackle is how to best limit the liability of the parent company - and the attorneys that we have spoken to claim that 1) "this is out of their league" or 2) are unable to provide any specific insight on the specifics of the legal structure.

It looks like it's an abandoned flip or "unfinished project" distress as David Greene likes to call it.The property is in very rough shape. 

Is a property with that much needed repair work maybe too large to tackle for a beginner in my position?

I have done many rehab projects over the years but it has been several years since I have done a full house rehab (4 or 5?)

Converting old homes is not easy when dealing with commercial code, and I'm assuming the micro units project would fall into commercial code (3+ units).

Some contractors will allow you to finance your renovation projects through them.3.

If you want, I can send you some comps for add value projects. 

I have over five years of heavy civil engineering project management experience.

I will be excited to here about your next project.