:Look at many metrics and actually thoroughly learn them:IRRgood for evaluating dissimilar projects but doesn't given magnitudes or timing of cashflowsCash on Cash ROIIf you're putting down 300k to pay in full and then only cash flow $100 bucks a month, although it's cashflowing, I'd barely say that's something to write home aboutBreak even YearYear when profits turn positive and stay positive......This whole discussion may also have an undertone that one should, although it may be difficult at first to setup, geographically diversify to mitigate risk in any one market.  

This does usually result in us using more paperwork/notices than necessary with our tenants, but covers our risk for the most part...generally, the  notices have the actual statutes printed on them and if you read through them thoroughly, states the proper routes to take in different situations and when to use a particular notice. 

If you want my more thorough breakdown, you can look here: https://www.biggerpockets.com/renewsblog/brrrr-buyrehabrentrefinancerepeatprimer/

Ron gave you a very thorough response.

I'm fairly new to this...I have been reading for awhile...watchung auctions and doing thorough DD...to date I havent won a bid but thats more my apprehension..and asking myself "what if".I just want to make sure I understand this...1)Win the bid and get the tax deed2) get a queit title suite3) get title insurance4) profit..or fix up and live in it or rent..Now I know there may be tenants or occupiers...I know there is more to it than what i mentioned above.

Like Adam mentioned, you need a thorough inspection. have handy man or a contractor attend the inspection with you to give you estimates on how much repairs would cost. 

Looking for someone very thorough.

We do thorough research but don't bank of gentrification to help us succeed.

The idea is simple, create a thorough and concise overview of the area.  

Whether you know them ahead of time or not, any potential partner should be thoroughly researched before "sealing the deal".