Recently, we created the first (as far as we are aware) residential assisted living focused fund and have successfully raised for multiple homes, giving our investors and us exposure to the cash flow, and equity upside that comes from owning the real estate and the business.

Obviously, the rules will differ from state to state.The most successful buyers have trusted bidders with cashier’s checks in multiple denominations (for cash sales) and the actual buyers have field runners and people to monitor multiple prospective properties at a given time and check sales status for postponements due to BK, etc.This is the case in larger metro markets where many properties could go to sale but few do so.There are often better ways to acquire properties then auctions.

Just from the cash flow perspective, it is making sense, but I wanted to know how your experience has been?

Google search.Ability to buy multiple properties with minimal capitalYou'll need multiple properties to replace your income.

If it is in multiple units, you can determine who is responsible by investigating who recently traveled or purchased used furniture.

Do you plan on doing multiple flips or just one?

Make sure you get him/her on your team.I believe in multiple partners on a business like this since (except for the alumni friend who actually might not have that much experience), y'all have no experience.

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

@Denny KnappAs an investor, you get a good idea of rehab price points by getting quotes from multiple contractors and doing rehabs. 

Or, from a business perspective, much better to use that time and energy to create a STR management business instead of arbitraging.