I understand there are risks involved, but I feel it would be minimal since I’m only looking at using around $80k for the rental purchase.

@Tiana O.The way I understand it You will have to pay yourself some salary  commensurate with the work your doing including FICA but the rest can be a dividend /distribution void of SSMED Tax. 

Thanks Wayne,I understand what you are saying about the repair cost, so will put a large contingency in.

By Value, I mean that Projected Sales Price - Cost of rehab - purchase price leaves a reasonable amount of profit to make it worth it.On Auction.com, I participate in Auctions every week where I have physically gone to properties, tracked down previous owners, done all kinds of analysis to get an understanding what the rehab cost may look like. 

I definitely enjoyed my time in that area.I'd love to hear from investors of their preferred real estate agent that understands the needs of a real estate investor.I understand that you cannot provide the contact info via the forum, so please feel free to connect and message me.Thanks!

The only good thing to manage your first property is so you have a complete understanding of all that is involved.

I understand the need for foreclosure, for my name to be removed from title.

It seems like a decent prospect for appreciation and cashflow since it's situated between JHU and Penn Station and is the site of a fairly substantial development project (Telesis), but I understand the strength of the deal will be determined by what price and condition I acquire the property at. 

First it is important to understand title insurance should cover this for those insured.

I have not done one myself but understand them .