Basically, I am as hands on as I can be for the learning experience, but I am as off hands as I can be for the sake growing both of my businesses and so I can focus on investing in other markets. 

What you are talking about is basically an equity-only note, where you pay a set amount monthly, quarterly or annually (whatever works for the two of you). 

(With some improvement rent could maybe go higher)Basic utilities are covered by the landlord (electric and gas).

Or just putting basic updates in replacing carpet and going with the three lower-end homes next to it.

Nope it's a pretty basic residential furnace.

As a wholesaler you need to provide your potential investor buyers with the basic information such as the property address, number of bedrooms and bathrooms, and approximate square footage.

Besides the rent and the costs normally associated with move out (cleaning, paint, etc.) the tenants are also responsible for marketing costs (which are basically zero as I do all the work myself and do not pay to advertise) and commissions that have already been paid, but these again are usually very minimal fees that are not really making any of my tenants think twice about leaving early. 

Thru the basic research that I have done, there are 59 total units with the original buyer holding onto 13.

Basically would just have the work done with them in mind. 

2) What are the basic steps I need to take before the auction day in preparation to bid?