I know this sounds like analysis paralysis but our market is very competitive and the margins are super narrow, we have a lot of pitfalls to dodge.

Chances are really high for a property of this value that aluminum wiring could blow up your sale and end up costing you more interest and market time.When your $1.1M buyer brings his inspector in and finds all new wiring and a new panel, it's going to be way better than if the inspector is educating the buyer about the pitfalls of aluminum wiring. 

Pitfalls?

Rent Rehab Re-rent on yearly basis and repeatadvisable but pitfalls exist?

Also, what are some pitfalls I should look out for and questions I should ask?

I know a little of the major pit falls with auctions and foreclosures, but is this idea realistic?

Pit falls I should look out for?

That doesn't work too well.Here's a big pitfall for you though and something you need to find out first... 

I'd recommend reaching out to a few providers who can give you a better idea of your options and the pitfalls to avoid.

I'm on the fence about a property and looking for some feedback.I ran a quick analysis and story checks out EXCEPT for one pitfall 2 bedroom house - offer $65k cash (foreclosure) with a tank sweep contingency to the bank (local comps are about $140k) with a 30 day closing.