I guarantee if you do that, yes, you will got some seller financed buys, i bet you could get some sub-2's. 

If you bring the missing skills to the table, you both win and you will learn what you feel you are lacking now.Use the calculators on BP to get you focused on deals and see what works and what does not work. 

Regarding auctions, if you don't win the bid do you get all your money back?

Your suggestion is a heads I win, tails you lose.

I would RUN from this 'Contractor', his attitude is bad and you will have other issues with him I would bet...

Because I rarely have to evict (one every 5-6 years) and because I always win my evictions.

I also hear from a lot of landlords that they aren't interested because it doesn't sound like a "Win" for them.Here is what I've found works - - - - - - - (1) Picking your target correctly Theoretically, you could rent any residential space and Arbitrage it, but realistically you need to find a place where you, a total newbie, can create enough value to begin a partnership.  

The best way to win is staying in the game the longest. 

Networking and asking others in your market may be your best bet.

For supercharged cash flow I like this rule of thumb as my #s seem to flesh out well w/in these margins:1BR under $100K2BR under $200K3BR under $300K4BR under $400KMaybe you can go up a notch on each if you want to break even w/cash flow...so to each his own w/that.Of course if they are being sold furnished / turnkey, I'd add in $5-10K of value (depending on how nicely furnished it is) per bedroom.