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?

Although my spare time to complete such projects follows seasonal work highs and lows, it would be smart for any type deal I consider to involve adding value myself to the property.With at least 100k (possibly up to 140k) of equity in our home, I have done a fair amount of research in HELOCs and refi.

To meet material participation, you need to log at least 100 hours of work and do more than anyone else involved.

. - which I suspect you're already inclined to do.You can also investigate various methods of pipe replacement / renewal that involve trenchless technologies, such as pipe lining, pipe bursting, or directional drilling.

Only one of these methods involves "saving" money, and most BP users don't pay enough attention to it. 

How do you plan to finance the acq/rehab and then when it's stabilized?

Hey Randy, I'm glad to connect and discuss potential ways to get involved and learn about real estate investing through flipping.

.: Quote from @JD Martin: What I would probably do is just set up an LLC or Trust involving your kids such that the property and benefits were owned and distributed by the laws/rules governing the LLC or Trust.

Also, knowing the tech terms for a project benefits u bc guys will know you know SOMETHING about what is involved. 

@Roger Garner the strategy will really depend on what level of involvement you want in the project.