I don't know about Tennessee, but typically you would have to honor the lease of the previous landlord.

Most older houses actually are more structurally sound due to higher grade of lumber that was typically used back then.

Typically either the seller or buyer will know how much you will make in many situations with regards to wholesaling the home inside of a pre-existing community.

REO agents typically are barred from doing both sides of the deal on REO listings.

Typically with commercial properties, only the income and the equity is considered for qualifying.  

Figure out the After Repair Value (ARV) - this is the amount the house will typically sell for in excellent condition to an owner occupant.

Over time the amount you need down may vary but typically 20% is expected. 

So I typically go to areas that have strong rental markets where there is a demand for apartments.

Typically I pay a higher interest rate for the additional risk and pay for the attorney fees, but not extra points. 

If you don't know what this means, this what I mean that you need a lot more education to research WHAT exactly is being auctioned, has liens that come along, is the house in decent shape etc etc.FWIW auction.com has lunch and learn events at typically the Fulton and Dekalb auction.