However, your advice would likely ensure to keep it on the auction block where I'd feel much better winning it for a slightly higher price.

How about recommendations on creative financing, how to structure deals etc.Thanks again!

I won't go into all the details here but my point is to highlight a bit more what's happening in the industry and ensure folks know its a team sport, that there are clear distinctions between an operator / sponsor and sometimes they are one and the same, and that the person who may be raising capital should both practically and legally have a broad based role in the GP partnership. 

Just remember 2 things if you don’t remember anything else: ensure you manage the cash flow properly so “when” something major happens you won’t sweat it and 2nd don’t be afraid to think and of the work.

I’m looking to see how to turn one property into many using equity and creative financing given my limited personal financial situation.

So, maybe just do some more due-diligence on the numbers before you pull any triggers and get creative if you have to!  

There are probably seasoned investors who can figure out creative ways to make most any deal work but my feeling is that new investors should be more selective about the deals they choose to take on since they have less experience in mitigating risk and estimating costs beforehand.I'm actively looking for my first property and one of my criteria is that I will only buy a house that needs mainly cosmetic updates and even then within certain limits.

I'd still have an attorney review it regardless to ensure your interests are protected and that the seller isn't being preyed upon with the wording therein.As an individual who has the authority to execute a legally binding document such as a purchase contract, I would never use a document that wasn't approved by the state or drafted by a lawyer in my state.

I have a rental that is worth 80k, loan is around 57k, renting for 950/mo. Recently rehabbed so pretty low expectations of repairs in the near future.What ideas/methods would you use to maximize the return? It's ~12% ...

Ensure that you figure for higher vacancy rates as MF rentals tend to have shorter vacancies.