Round Robin House Auction found on Craigslist

[Paul Cox]

Hello BP mentors,

I am brand new in the investing arena and have been reading a lot of articles here on BP as well as the UBG to Real Estate Investing. My wife was searching through the local Craig's List for properties, and we came across this For Sale by Owner offer on a property in town. I stopped by this afternoon for an outside look and would classify it as being in a B area and from the outside, it looks very nice. I have not seen anything like this type of auction before when it comes to selling your house, but I would be curious to get your inputs...The craigslist add can be found here:
http://utica.craigslist.org/reo/3874276669.html

I contacted the seller and told them I would be stopping by for the open house this Saturday. My initial thoughts are to buy and hold and rent it out as two units, but there's always the possibility of doing a little updating and flipping it if I can get it at a low enough price. Again any thoughts on this are appreciated.

Paul