The Auction House -- Risky Business?

One of the "famous four" questions asked of every guest on the Bigger Pockets Podcast is:  "What sets successful investors apart from those to fail, give up, or never get started".  The most common answer to this question is "Successful investors take action".  With this in mind, we have embarked on our second real estate investing project:  The Auction House.  We live near Nashville, TN, a very hot real estate market where good deals are pretty hard to come by.  As suggested by many here on Bigger Pockets, we have started looking an hour or so outside of Nashville.  I started stalking properties on Auction.com a few months ago in search of a good foreclosure deal.  I followed several on-line auctions through to completion, went to the courthouse steps and watched a live auction, and began heavy research on some upcoming properties.  We found a 3br/2ba not too far out of town that looked good, seemed like it should sell for a price that we could afford.  I ran my numbers, set my maximum offer and jumped in to make an offer.  This one didn't work out, but I learned how hard it was to stick with my max bid and not get caught up in the excitement.  In the end, this was a valuable lesson.  A week or so later, looking at a couple properties coming up for on-line auction on the same day, I again crunched the numbers and prepared to make some offers.  The auctions last for about five days, and this time I waited until the final hour of the last day to get registered and make offers.  This turned out to be kind of tricky, as I did NOT want to buy both of them, but did want to bid on both.  Setting up the timing to bid on each toward the end, but make sure I did not win both auctions was a little nerve racking.  At one time, with just minutes to go in both auctions, I actually had the highest bid on both.  Luckily on one of them the reserve (minimum that the property will sell for) had not been met, so we did not have to worry about having to buy both properties.  In the end, one of them went past the max bid I had calculated, so we just let that one go.  However, the auction on other one (a brick 3br/2ba 1400sq ft ranch) met the reserve and we were the highest bidder!  We ended up getting it for exact amount that the bank had foreclosed earlier this year.  Here's where the fun begins.  The 47 page purchase agreement was sent the next day.  We are scheduled to close on July 8th.  The big issue:  We have not seen the inside of the house!  The plan is to use this as our next rental property, and we purchased it at an approximate $40k discount to the retail price, so barring total destruction inside, we should be fine.  Stay tuned as we walk through the process of the purchase and eventually get to see the inside and find out if this is the smartest thing we have done so far, or the dumbest!