Funding sources are outlined in the Bigger Pocket Market place. 

We've struggled with many of the considerations you raised above and I'd be willing to provide additional color to what's been outlined above based on our experience in TX.

You should also be planning for costs to evict a tenant based on your description, in addition to the upgrades outlined by your home inspector. 

@Corey DuttonI think this piece from Fortune outlines the challenges many individual investors expected they would have with these properties: http://fortune.com/2015/09/25/housing-wall-street-investment/It would be nice if these units flowed back into the limited inventory market we're seeing.

I sent the property manager a letter outlining exactly what was not working, and what I expected of her.

If anyone comes across this post, I ended up having my attorney draft a contract that outlined the specifics of the deal, and then used a Quit Claim deed to add my name to the title of the property.

Your time here will be well spent.Wow, your profile outlines a good story coupled with determination to succeed.

3) Can someone outline an event, attending the auction, bidding, and closing?

Although, I wasn't interested they know I invest in buy & hold real estate and  as an accredited investor I had express my interest in moving beyond 1-4 unit properties and into larger 20+ unit apartment complexes.I've what they called a general outline of what they're proposing.

But I'll make a note to get this outlined in our agreement.