They finance large multi-family properties with very attractive terms, albeit you'll have more red tape...

If so, the payment would be about 1877 a month for principal and interest which still puts me at a negative cashflow of $177 each month before tax advantages like depreciation. 

There are lenders in Oregon and Washington that will provide funds to bid.you must deposit 20% of the bid amount with them.. so lets say opening bid is 200k you need 40k.they put up the rest.. then they take a security interest in your trustees receipt and put their name on it to protect them.then once the trustee's deed comes they roll it into a normal HML.. with Deed of trust and note.they will also provide the lists and do the bidding for you.. their is a fee for each ala carte component.. so there has to be significant meat in the deal to make this work for the investor.. its a flippin money machine for the lender though. 

After driving by this FSBO (classic red and white sign in the yard) 15-20 times on my way to the jobsite, we finally looked into it and saw it was a double.

If no- “thank them for their time and tell them if they change their mind please call me at your number. 

Zoning change status is required or it can be red -tagged.

It looks like a good rehab was done, should that put me at ease about the age of the property?

Here's the breakdown for those who are wondering;House purchased at 140k with 20% down (28k)Rehab/Repair costs:  $3100 of my own cash, $2100  (paid to me at closing) to the painter from sellers for the remainder of the exterior paint job  PITI Payment:  $861.00Rent: $1570.00What does everyone think for my first investment? 

Once a property was listed, it was like a meat was threw to a pack of wolfs, it would be gone quick!!!!

@Chandra Minter offering seller financing in this stage of the market cycle (when assets sell easily) is a red flag.