Househack, creative financing (seller financing/subject to), buying properties through lien auctions, partnering with someone who has cash.

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?

I am looking at similar requirements to Mauro above.Does anyone have experience purchasing properties outside the primary channels like real estate brokers, for example through auction sites or banks?

I actually attended a foreclosure auction in Springfield last week. 

That is interesting that people praise Rich Dad Poor Dad for its genuine message: to first acquire financial aptitude; however, on the flip side of the coin, my observation leads me to believe that the BP community views Kiyosaki's teachings as sale-like by pushing his products/classes.Nonetheless, does anyone have advice for a newbie who wants to acquire more knowledge about the industry?

So, 400k - 500k sounds like lots of money but if you wanna operate in the 300k+ entry point it get can swallowed up quick.One strategy I'd try is to be a buyer at the auctions, win a bid on a good house, close on it in cash (you should be a great deal under market value) and then get into a delayed purchase bridge loan product which will cash you out a certain percentage of the purchase and supply the rehab funds. 

Don’t go to the auctions.  

I dont have experience buying but have looked into it, from what I can tell, if you buy it at a tax auction, The owner has a certain amount of time to reclaim the property.

Just ignore these threats and move forward.With a foreclosure auction less than 2 months way, its time to just start the short sale process now with Pennymac.

I am not not super familiar with the auctions or sheiff sales, but if you are interested in NW Indiana consider connecting with @Eudith Vacio who has some property in East Chicago, but works that NW Indiana Coordior and is a top agent!