You'll have to have the cash for the rehabs up-front, but basically how it works is you put your 25% down and get the 75% from the lender to acquire (there will be points and fees as @Christopher Phillips mentioned), and during the loan process, you'll provide bids for all of the work needing to be done to the property.

I would say get 2-3 GC’s to come out and give you a price on the complete rehab but do not let them know you haven’t made an offer or that you haven’t even put a bid in.  

I'm finishing the book on the electrical code and plan to take the exam soon, I work with a lot of electricians and they guided me to get the license, in my last property I paid $9K to an electrician for work that took 3.5 days and he was the cheapest bid I received.  

But by total coincidence (I hope), it ended up getting an offer the very same weekend I was looking at it and didn't have any interest in getting in a bidding war

I recently lost a bidding war on an RE when the price got to where it did not meet my profit expectations. 

Hired a local contractor to walk the home and bid the entire project so I knew what I would spend before I bought.

I’m talking about 800+ credit score, proof of concept with correct bids for the build and correct ratios, and need for specific niche in the area.

Of course, my actual bid on the property could vary widely once I see the property as well. 

whenever i need help with a house or a building its covered. and every year it gets adjusted depending on how many houses i do. its a win for him because he gets passive income and if he gets a few more investors like me he can really expand his buisness,  and a win for me because i will cut costs and time by bidding jobs out.

Top it off I'm sure I'll need a chunk of that $100k as reserves to handle maintenance and renovations.Would you guys n gals suggest I attend the auction just to see what happens or should I be prepared to bid?