My wife and I our first time buyers.

And no other buyers can get a loan on this thing either because there's no income to show.Anybody have any lending sources that might do this as a value add project?   

do you have a buyer lined up? 

For a lender that may have to foreclose, its additional risk because the buyer pool for a nine-bedroom property in a residential area is very small

It was bought at a public auction where nearly 200 properties were auctioned off one by one with an announcement that the first six will be sold absolute, meaning the successful buyer with the highest bid will be accepted.

Most wholesalers either do an open house to their list or send property's out to their best buyers first to keep them happy. 

The owner may not require the tenant association to prove financial ability to perform as a prerequisite to entering into a contract.A tenant association may exercise the right of first refusal in conjunction with a third party or by assigning those rights to any party, whether private or governmental.The timeline for closing is 120 calendar days for rental properties consisting of five or more dwelling units, and 60 calendar days of four or fewer dwelling units.If the tenant association fails to close, the owner may sell to a third-party purchaser.

It is a great strategy if you are a buyer/investor. 

Yes, there may be some depreciation in certain markets in the next 6 - 24 months but overall when interest rates decrease buyers are going to flood the market and prices will increase again. 

Tell the agent if he brings you a buyer for $XXXX,you'll pay him comission.