Absolutely make use of all the online tools available throughout the processEvaluate resumes and reviews/recommendations from trusted resouces, peers and past clients (like you would on LinkedIn for example)Narrow down your search to the top candidates and schedule in-person interviewsChoose your top 3-4 final candidates and check referencesThen ask at least three to provide bids for your scope of work requiredEvaluate the bids and pick your top candidate...then there is one crucial step left...Make sure to take an in person look at the physical finished work your final chosen contractor has done recently.Like almost everything else in real estate, choosing a great contractor requires time and effort.  

I often hire the contractor that are reliable but bids in the middle of the spread, and I often have leases that probably have room for adjustments, but if my deals works for my own metrics at conservative metrics, I will do it.And slowly the market rose, and then very very steeply we entered a seller's market.

I've bid on anger things at the last two master commissioners sales but haven't been able to walk away with a win.

I was at the Cobb foreclosure auction last month and these guys were bidding up houses to 85% of market value.

Wondering if there any golden rule for minimum bid on such home owner occupied HUD properties.

Typically in my market an fha/va loan needs to outbid a conventional loan by about 5 to 10k at the 400k price range and 15 to 20k at the 600k price point to win the bid. 203k/rehab loans have very little chance of getting an offer accepted at all.

The key for me is to have all this figured out before bidding on the property...then add some additional repair costs :) I find it really helpful to talk with investor/rehab, realtor colleagues in your area to get a feel of what the ideal marketable property for your price range looks like.Hope this helps.

I purchased this house by bidding on it through HUD Homestore.  

I have actually bid on two of the auction.com properties this year and the bid went sky high by the end of the auction but two days later they were both back on the listing because it was auction.com doing the bidding instead of real people. 

Yes we are cashflowing day 1 which is nice and part of the calculations made on the offer, but overall we paid less than the vacant house equivalent (even if you factor in the rehab costs that this house would need if vacant)To be honest I have offered even lower recently on a tenant in situation and did not get the bid.