If you're open to exploring new markets, this could be a great way to pick up properties for cheap and build cash flow with a much smaller upfront investment.

In the event that there is an emergency, the person would need to be able to exit the apartment via the window.

Hi Anthony, it sounds like you’re in a good position to start building your STR portfolio, especially with no debt, great credit, and rent-free living!

Not calculating your basis properly between building and land, which impacts depreciation. 2.

Then, start building your connection with local agents, contractors and property managers.2. 

My goal is to build a successful flipping business while keeping family time a top priority.

The more experienced investors with more capital are buying apartment complexes and doing syndications (one asked me if I wanted to participate...I passed) in San Antonio or doing commercial RE. 

When it comes to these types of auctions by the sheriff, is there a waiting period that must be observed before rehabbing/renting the building post winning the bid?

Yes they are buying old homes to tear down to build there now.

They won't be able to fix that problem as there is probably a small leak in a pipe or a crack in the foundation or a bit of water coming in from somewhere or moisture building up in the home.I also agree with Nathan about taking the first contractor to small claims court.