Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Quote from @Michael Soukup: So I recently just sold my home after a divorce.

We actually started when we bought a property to buy and hold but it ended up not being a good fit for our portfolio so we sold it.

I see similar mobile homes being sold for wildly different prices.

That MIGHT be the best program for you, but even if it is not that is what you will be sold as it their only product.

i sold one last year that was supposed to be a BRRRR but didn't pencil. 

A good broker should also submit to the investor a copy of the presentation they submit to a lender for an application.Concerning transparency, a good broker is transparent in what they charge the investor for their services.

I myself sold a piece of property in New Jersey (raw land) and purchased a property with a house on it in Nashville, TN for my 1031 exchange.

*I USED to own properties in San Mateo Co CA (Silicon Valley)and found that the Building/planning dept was so malfeasant and next to impossible to work with that I sold my properties AFTER I spent YEARS trying to 1st get plans approved,** then completing the work.

And that ARV estimate above isn't a one-off either, varying the radius shows different values for this just-sold renovated home: