I have a couple of questions that I ask my new clients (I'm an investor friendly agent in STL) that would influence my recommendations.  

Many times they would have newer HVAC systems, fresh interior paint or newer roofs as examples.

You also need to know building costs to arrive at a max price you can pay for the land.Exterior build out tends to run about 100 per sq ft and interior TI about 30.

It looks a Frankenstein house with holes through exterior walls, interior walls are gutted and bare to the studs.

You are probably starting off ahead of many, with a sphere of influence that you can market to.

I know the long run goal is to create a sphere of influence that will keep coming back to you and referring friends and family but is there a way for a new guy in the businesses to make it as a full time career?

I have a friend who is a real estate agent who can possibly purchase, I have another friend who does interior renovations, and I have partners who can possibly provide capital of some sort to fund the deal. 

I noticed that the "Land value" on record has dropped from almost 10k to 1.5k but the interior upgrades that were done to the condo steadied the ship a little bit.

House is from 1945 and I know that I will have to gutter it, then replace windows, new kitchen, new bathroom possibly rearrange interior walls and change electrical panel/service entrance.  

There are a few "investment minded brokerages" that would be the best place for you to start, while adding people like @Kim Martin to your sphere of influence.