Thank you @Alex Deacon for the response and I agree that I am not ready for this type of investment strategy, but I wanted to attend to at least have a better understanding of the process. 

Most things that are priced that well require the owner to be very hands on in both the management and the rehab process.

Yes I've been watching a few youtube videos of the replacement process and doesn't seem terrible but who knows what you'll find when you remove the window. 

It was quite the challenge, and involved a lot of extra management time.On anything I do that is outside of affordable housing, part of my screening process for new tenants is that they have to apply online.

I started exploring foreclosure auctions for the past year, found a rare opportunity for a house similar to what I'm renting now that needs minimal work, and am in the process of financing for purchase price of $413,000 (mortgage would be less than rent at $1800/month but could flip for $625,000).Because our market is so high and these come by once or twice a year (so many investors here eating up the foreclosures), would you 1. flip right away 2. rent 6 months then refinance and keep 3. rent 1 year rental then sell or 4. live-in flip 2 years? 

The process goes as such. 

@Hadar Orkibi , we are still in the process of deciding our criteria doing our market research.

We are in the process of looking in the Kissimmee area in FL.

I just got one of my clients a duplex under contract and in the process was able to connect with the listing agent.

I find myself texting/calling the RE agents to find out, which is annoyingly slow in the process of analyzing if a deal makes sense or not.