Also buy your figures I would think there are smaller units.I might consider to increase the square footage on a few of the units to increase their rental income potential.I would not do the deal unless you are sure the value of the total monies you will end up paying is strongly supported by the current market value of comparable properties in the area, but then again if you can truly get the job done in 4 months time is on you side just remember "Murphy's law".I am just thinking these properties were just sitting there all boarded up simply earning nothing in the first place.To my mind the price your going to end up paying on a per unit bases is what I would expect to pay for bran spanking new construction based on my estimated square footage of each unit which I base on your expected rent per unit of $800.00/mo. 

$X dollars per month will earn $Y amount of equity annually and over the remaining life of the loan.  

Many, but not ALL are only focused on the commissions he/ she will earn and not focused, on your best interests.

If that's the case, you should feel good about buying only if you feel good about needing to sell when you want to move.But if the numbers work, assuming two paying tenants, and you'd be earning whatever return you are aiming for, then it makes sense.  

I'm new to real estate, and plan on purchasing a rental property within the next year or two with the intent on buying and holding it to earn passive income.

If you invested $55k in a portfolio earning a healthy 8% compound interest, you'd get to $1M in just under 40 years. 

(Once you filed for the TDA, you will earn the 18% (1.5%/month) on the ENTIRE amount including any interest that accrued before you filed the TDA.You can bid at the tax deed auction but my understanding is that you have no advantage at the auction over anyone else who attends the auction and bids.  

As stated interest rates are practically free today so paying down any mortgage as opposed to investing in more properties to make your money actually earn it's keep is the only logical option.Do you want your money to work for you or would you rather hide it away and forget about it.  

article=gbo&section=17-303&ext=html&session=2016RS&tab=subject5Not sure if you're considering a career as an agent or just want MLS access and to save or earn some money representing yourself in transactions, but below is a how to guide from BP.https://www.biggerpockets.com/renewsblog/2015/12/04/how-to-become-a-real-estate-agent/

Mark A.I am not a 2nd or 3rd generation of super rich, I am just an average employee in Silicon Valley, making what would be considered a very slightly above average salary...I bought a handful properties in San Francisco starting in 08, the previous peak, and was losing $1000/door/month for 3-5 years...