What Kind of Investors Use Foreclosure Auctions?

[Barry Sanders]

So ive started to attend foreclosure auctions to try to learn more about investing and on a smaller level to network. Ive come to the conclusion that foreclosure auctions are more beneficial for fix and flips than for buy and hold strategies because you have to buy at a lot less to renovate and get good cash flow where as you can flip a property bought on slimmer margins and still profit. Also the loan products ive seen for hard money lenders seem to finance higher LTVs and %ARV for flips than rentals. Am I missing something or is it already common knowledge that these auctions dont benefit buy and hold rental investors?

Additionaly, what is a better way to acquire buy and hold properties? 

I am currently building a list for direct mailing, hopefully this will return some leads.