HELP! Just won a duplex on auction, now what?

[Cyndy Lester]

So I decided to jump right in! I heard other podcasts on buying properties on auction so I decided to try it out. Low and behold, I was the highest bidder! It's a duplex with 2/1 upstairs and 2/1 downstairs. It's in Cleveland, Ohio, I'm in Houston, TX. (Yikes!) It is vacant, and pictures showed the property looking in good condition. I'm sure there are some hidden things which I am not afraid of (I've renovated 2 other rental properties in the past). My winning bid was $10,200 plus the $2,500 auction fee. Similar properties have sold for $45,000(low side) and rents are $700 each unit. But my questions are:

1. Has anyone gone through this process of buying a home on auction? 

2. What are the steps you took to complete the transaction? 

3. How did you purchase it? Cash/Finance (Looking for banks who offer Fannie Mae refi exemption)

4. What's your advice on due diligence? (What do I need to look out for?)

So, if this was you, what steps would you take moving forward on this deal? Please, let me know if you have experienced this and what should I be looking out for. What are the "surprises"? TIA