We live in San Diego so would be long-distance, TBD if we self-manage or enlist a PM. 

The seller was selling to the tenant living in the property.

If your able to move and live in the unit do that.  

In the unlikely event that you are the exception that proves the rule, the rare 18 year old who can actually generate a serious income by wholesaling real estate, your day to day will look like the following: - You will door knock, cold call, send mailers, and otherwise create lists of people who are in the most desperate moments of their lives. 

The auctions, although online now, are live foreclosure auctions, i.e. the auction style sale which is the culmination of the foreclosure process. 

The property would be in Florida as that is where I live. 

I used to live in the city and the taxes and water bills are nightmares.

@Jerry Zigounakisi'd pick a market close to you, or one you have strong ties in, rather than trying to get to one via math.can you invest where you live, or 1-2 hours from where you live, or where you like to vacation, or where you went to college, or where you plan to move someday?

Many of the investors that I work with are from the West coast or the Northeast and it just doesn't make sense for them to invest around where they live.  

Ive owned a 3 family in Fitchburg MA for 4 years that has done exceptionally well with it, living for free in one unit for a while and constantly upgrading the property over the years.