Sounds like a pretty easy way to get in over my head fast, but at the same time, it seems like an opportunity to pick up a property WAY under market value and there theoretically should still be plenty of meat on the bone.

While the image of yours I found seem to show the main entry to the 2nd floor at ground level, the older the prospective tenant, the less interested they are in a non-ground floor unit. 2) Using another part of the property as storage could limit interest and I could see that as a turn off with folks once they find this out.FYI, the listing I found on realtor.com makes no mention of the tenant not having access the entire property or the basement being used as storage.

Large deposits are nice, but very difficult to actually get access to escrow funds in the event of default.

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I don't think its as easy as people make it out to be. 

However some of the "easy parts" of residential change like financing and the term of the note.

From a lender standpoint I think the main areas of concern with auction properties boils down to access.

There are so many "easy" decisions when you form an LLC that aren't really easy, and you need a good CPA to see your entire situation before they can give you good advice. 

Avoiding accessive PM fees (personally I recommend most people self-manage)These will eat away at your ROI.