And how much is your debt service, around $6,500? 

So, if you put in 20K, you could set the bid up to the amount of the 100K total debt(80K existing + 20K additional) to ensure that the property reverts to you as the lender.

I'd consider real estate debt funds and private lending but that's not on my immediate radar right now. 

Incurring debt before you have sufficient earnings to support that debt.

Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

Thanks again, @Tyler KeslingI love your enthusiasm, but you need to be careful about being so enthusiastic that you ignore the basics.  

Does not affect your debt to income for future loans in the mortgage industry (auto loans could look different, but i would think similar so hopefully no worries there). 

I’ve taken care of all my debt and am pre-approved for roughly $220,000.

@Duarte MarquesPossibly but highly not recommendedFor those with no real estate experience or experience in taking on debt, it’s not easyTo do it also with little to no down payment or reserves in most occasions will end in disasterReminds me of when in high school a friend used to let his dog drive his car.

If you've not read Debt Cleanse, you should.