Not just for my business risk, but also for the safety of my other tenants.The willingness to pay rent upfront is also a huge red flag as several have said, but as I state I would not have ever gotten that far. 

Are these people literally pulling out their IRA's at a penalty to fund a deal, or is there something in the funding and it's just used as collateral/safety net?

Tenants' interests, comfort and safety will be paramount. 

Safety items should be of top priority.

It’s better to buy rent-ready (life and safety systems OK) but not cosmetically perfect (as in you might fix up the kitchen or bathrooms to add value).

. - Small price to pay to have access to the equity.But a HELOC seems like a no-brainer, just as a safety net.

We suggest that a licensed contractor further evaluate, address and repair/reinforce both porches as needed for safety purposes, including addressing the back left exterior steps that are not installed correctly. 3.

There is plenty of law on this.I agree that the auction process is not well suited to retail buyers expecting transparency, contingencies and other safety nets.

In the appraisal,the appraiser made note of this non-functioning chimney being a safety hazard since some of the bricks around it are crumbling. 

However, I include a request to not walk the property prior to our showing appointment out of respect for the safety and privacy of my existing tenants also living at the property.Maybe a RE agent out there has another angle as to why they would be so intrusive about the ID up front without at least some inside pics and an amenities list.