Not talking about you personally.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Dumb question - but are these auctions online only, or in-person? 

You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.

If it did flood though, I personally would steer clear.

I’m not a former IRS person.

Hi James,I personally don't have enough experience to answer your question, but there is some helpful stuff in a similar discussion here: http://www.biggerpockets.com/forums/52/topics/1779...You will find related discussions to any forum discussion you are reading at the bottom of each forum discussion page, and they can often help you find posts that answer your question.  

Personally, I would hang on to the cash.  

Yea this is a long-term personal play more than a strict STR deal. 

The drawback is you need to build trust and relationships upfront.Both have their place, but private money tends to offer more flexibility, while hard money is more structured and accessible if you lack personal connections.