They both work slightly differently, but are similar enough that a call to the tenants rep usually can get you on the right track to making sure you follow all of the guidelines.

Hi @Rene Hosman -In a nutshell, I find motivated sellers and tenants with damaged credit (or ones without a large enough down payment) and work to put the tenants in the seller's house with an option to buy.

Your credit score needs to stay relatively the same from application to closing. 

Others tap into personal savings or use business lines of credit for more flexibility.

Someone with a 700 credit score and good job.

I think you are on the right track and should only be looking at values on owned land.

My point is I want to avoid paying for the repairs, am I on the right track and is there any advice I should know before my first auction ?

If you do a good job with building sponsor relationships, then you can probably get to the point that they'll allow you to use their track record. 

You're definitely on the right track with investing your time in real estate and getting active on BP!

Aim for a 620+ credit score, save for a down payment, and research markets with strong rental demand.