Which certainly would not disallow the LL from themselves physically doing the labor but nothing specifies rates.

Not condition, but the physical shape?

Step 1: You have to have at least one person who is physically in the market you are buying in.

Physical proximity is always a good way to start.

According to my math based on the comps, I'm estimating repairs to be $50K; and I'm offering $5K less than the $229 asking price.I've not physically seen the property (only virtual photos).

I feel that most of the maintenance issues that come up even here in my hometown, I don't have to be physically at the house to work with repairman, so could I do the same from out of state?

Looks at the house physically and online.

I was inquiring with a Face Book person who connected me with a Crypto Guru Queen that was trying to explain the  business, but I'm challenged  in my thinking on funds that I cannot physically touch , like it's "cyber space" currency, not sure if I should trust this FB person with my money

It is the best thing for you and your wallet. 

Seller ships physical collateral files with 1-3 weeks