You'll want to put together a personal financial statement (basically lists of all your assets and liabilities) and have your tax returns ready.

James and his people who manage the program are nice and give basic sales and negotiation advice but not much that moves the needle in any situation.

Since you can't control the sale price, you basically have a $4k cushion to your reno costs, or otherwise you lose money compared to the as-is scenario.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.

Some questions for the people with experience: What are some basic landlord problems I will most likely run into?

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

Quote from @Jason Hatfield: @Jaycee Greene  they require a non refundable deposit and give 48hrs to see proof of funds I would suggest developing a relationship with an HML/PML that would give you a "guidance line" that would basically be a "pre-approval" for situations like this to present to the buyer/auction company.

I got started in RE in my late 30’s with 3 kids.

But, basically it's experience that wins the day.

As a result, the few homes on the market command higher prices due to basic supply and demand dynamics.Many homeowners hesitate to sell despite potential profits, as replacing their home would be significantly more expensive.