Financing a Foreclosure Purchase and What to Look Out For?

[Chad Eatinger]

Hi BP family!

I've spent the last couple weeks reading and listening and reading some more, trying to get my real estate chops up to snuff. The past week I've started looking at different properties in different places, and trying to start analyzing deals to get practice with it. 

During this process I came across what seems to be (potentially) a great deal on a house going up for auction this coming week. I was wondering, what are some ways of handling the financing issues surrounding a foreclosure auction (i.e. needing the cash up front to bid when I definitely don't have it ready, on hand). Additionally, if I were able to find a way to round up the funds, what are some specific steps I should take and specific things to look out for prior to making such a purchase?

The property has some pretty close and recent comps at at least $750K, if not closer to $800K, and I think with less than $100K in rehab costs it could be a great flip if I were able to get it for $500K-$550K. Does anyone here have experiences trying to pull together either hard money loans or full equity partnerships for a foreclosure?

Lots of information and lots of questions, but thanks in advance for your help everyone!