During the inspection we noticed some water seepage in the basement. 

I hope that I can bring to the table the equivalent of what this site has already offered me.

Yes you need to budget for it even if you are doing it yourself.Is it near the water?  

But there are plenty of other ones that are reasonable turnarounds (enforce collections, get rid of Park Owned Homes, submeter water, raise rent) that I do see @ 10%.

 ( Like the ones setting up a card table out front to sell there posessions for drugs and food.)  

The tenants are on separate electricity but the owner is paying for the water which is a min. of $120 mo.There is a property across the street for sale for 125k.. he said himself that was too much and mentioned lightly he would sell his for 110k.

If you want someone to mentor you, you have to bring something yourself to the table.

It is lucky a roof even lasts for 40 years no matter what the material is...You may also keep an eye on other expensive things like water heater and AC. 

If only one lot is empty, I would check if it is in a flood zone, or if there is storm water easement in the back or side.

The rent from my roommate and the second unit of the duplex cover my mortgage, insurance, taxes, maintenance, cap ex, vacancies, heat, electric, water, and internet!