Working with Companies like Comcast, AT&T, Sprint, NRG, Appliance Repair Services, Lawn Care, And now full time sell vehicles for Volkswagen as well as a fruitful used lot of Audi’s, BMW’s, Porches mostly foreign engineering.

From personal experience I can tell you with full confidence the only thing that can stop you from success are limiting beliefs.

Even if you decide to fight HUD *(initial reaction: crazy), your best path to future success on this property is to present the Muni with the idea that you WANT to make the property safe and whole, one way or the other.

But, to your question: I allocate $50k to buy each property but I don't always need to use the full amount.

Once a person is added to a rental agreement, they receive the full rights and responsibilities of tenancy.

Initially I only paid 10%.. but next day I paid full amount, got receipt from sheriff and some paper with stamp on it that says record of sale/interest....To me it seems like this is all clear even at this point deed has not been recorded, I told bank that I paid all the money to sheriff and they'll send the money to bank shortly...Is this all clear now for me to take possession ?

Take the money do a full renovation to get the place up to standards .

My plan is to keep my current job as an Industrial mechanic, and invest on the side while still working my full time job.

I don't know all the facts here or your full situation so I will refrain from giving my opinion but seems that would be the clear-cut answer based on your one-line post. 

Then, I'm not sure if I want to go the safer route and save for another rental (from the income of my full-time job and the 1st rental) or finance the 2nd rental (and have two rentals and my income pay it off).