I will say "My XYZ is going to manage it" is a real bad idea.

The bad: Needs updated baths, kitchens, refinished floors, paint, deck and landscaping at a minimum, basement is gross. 

Personally, I prefer to treat it just like property managers do.

People think that is the way to go but I've been listening to recommendations for about 4 years full time and I've heard good and bad stories about them about 50/50.So you can maybe understand what a 61 year old is saying that spent about 30 years in construction management and real estate might know what he is talking about is worth remembering. 

One advantage of a tax foreclosure is you can clear up a bad title.

I have not really heard any bad stories about, in fact it has been the opposite, apparently their property management company is great and their customer service is really good.

Bad idea that will scare off sellers?  

There is a lot of bad information out there so always make sure you get the best info you can. :)

(Doesn't mean they are bad people)Its not my thing,   but that much would buy you a pretty substantial portfolio in other parts of the country.  

Then we can sell it, split the profits (which should be anywhere from $300-$500K depending on how bad this place really is) and I'll take my share of the money and put it down on income producing property that will cover my rent on a new place.