@Dave Jimenez  not to be negative nelly or debby downer.. lets just talk reality much of what is bandied about on BP is fantasy..AGAIN your getting the cart before the horse.1. if your using a FHA loan you need to get prequalified for that number2. you will need to have the house up to FHA standards for the loan ( many foreclosure just fall short of this)3. there are going to be other bidders.. that is almost a given...

I'm still new but I will encourage  you to start by reading, watching, & listening.

watch Craigslist for a dump trailer.

I subscribe to Brian Dean (his videos are entertaining & informative), Neil Patel (consistently posted these 2-5 minute clips & Josh Bachnyski (Canadian who seems to know what he is talking about, must take notes when watching his videos).2) Content, in my opinion, should focus on your target market (distressed homeowners).

. - Caveat to all this is that, you still have to have a filtering process; [i.e. test them on various tasks required for the job, have instructional videos so once hired, they can just watch the video(s), have bonus structure to incentivize, etc]

I had another friend who attempted the same thing (in a house that looks very similar to yours) and was unable to get a letter, which was fine because he was in the due diligence phase, but it's something to watch out for.Anyways, hope that helps. 

Watch for knob & tube wiring (uninsurable), cedar post lally columns in the basement and slanted floors that result from the cedar posts shrinking over the decades.If they have been replaced, remember that the adjustable (temporary) steel columns are not up to code. 

When I was in your situation I interviewed a couple PM companies in the area, you can google "Questions to ask property managers" to give you a good idea of what you should be asking and watching out for. 

If you're worried about picking one horse, do both as suggested by @Steve C.

NJ works cause most of the properties I watch cash flow.