I am aother Newbie looking for some advice

[Vincent Falcone]

I stumbled on this forum after I googled HOA Foreclosure sales. I found a lot of interesting info and some good advice. Most everyone seemed to know what they are talking about.
I live in Orlando FL and I currently have a career in computer repair/IT and I want to change to real estate/ property management. My friend and I recently purchased a listed short sale as an investment and it is working out great. I want to branch out and try getting a property at foreclosure auctions I know there are some awesome deals out there. I have attended a live auction in Seminole county a few years ago to see what it was about and now Orange County does theirs online. There are a few things that I have questions about regarding buying foreclosures at auction.
1. Lien searches, I do not want to get stuck buying a foreclosure that has a large secondary lien against it and lose money. I have tried doing a record search on the OC Comptrollers website by owners name but I really don’t know what I am looking at. Some properties have 1 or 2 mortgages on them and some have mortgages with deed in lieu, I have no idea what is good and or bad.

2. I would like to hold onto some of the properties I purchase and keep them as rentals. Is it possible to buy a foreclosure and after repairs, get a mortgage on the property to get my investment money back to reinvest?

3. Would I be better off incorporating and putting homes in the business name or will that make it harder to borrow against it?

4. Is it better to buy REO properties than bidding at auctions?

5. Is there such a thing as a Bank REO auction, I know it is probably fake but I have seen it on TV shows like flip men. Is this a real event how do I find them?

6. Since REO properties have already been foreclosed do I have to worry about other liens/ second mortgages or does the bank disclose that info.