HUD Bidding Suggestions

[Mikaela Klumpers]

I'm a new investor and am looking into bidding on a HUD home as my first investment property. Any suggestions for bidding? The property is listed at $75k and we plan on owner-occupying it while we renovate and then sell it in a year. There are very few HUD properties in my area and foreclosures nearby sell for $51k to $125k. I've used the 70% rule to determine my max bid but I'm not sure if I should start out with that or bid low and hope I get a counteroffer.

Also, the owner-occupy period ends soon so can I bid as both owner-occupy and an investor?  We plan on living at the property if our owner-occupy bid was approved but would prefer to get it as an investor so we don't have to live in it for a year.

Any advice you have would be great!