.), inclusive of any renovation costs. 

Thus, when a foreclosure sale is held, you can set the bid amount up to the amount of the total debt, which would likely increase from 80K to include the legal fees, receivership costs(we suggest 5 - 10% of the rents collected), repair costs, additional accrued interest, minus rents collected.

Extra 4 months of carrying costs are up most of the margin.

Your feedback has given me clarity and your suggestions offered once implemented will mitigate some risks.I'm waiting on the rent roll and supporting documents for further analysis.

Many investors in your situation also explore seller financing or subject-to deals to minimize upfront costs, especially if they find a seller open to creative terms. 

Mailing/emailing a notice to "start the clock" doesn't cost much and should be done to NOT lose time if tenant doesn't pay.

You end up with Hotel Quality sheets / soaps for the cost of Amazon or even less.

i would love to buy a 3-4 unit that could both reduce my cost of living and cash flow. move out and redo the process a few times every year. 

Time and practice will still teach you as you do deals but it will help you understand what things costs for the size of the property 

Sometimes the closing costs from the auction are HIGHER than expected.