Need advice for buying a foreclosed property as first investment

[Evan Anderson]

I live in Seattle and my parents neighbors house is getting foreclosed on due to missing numerous payments. My parents and I are very familiar with this property and are planning to bid on it once it goes to auction. As someone who’s never bought property before, do you have any advice for steps I should take before bidding? I’m meeting in a couple days with a company that does hard money loans. The business plan in a 3-4 month flip.