Hi Bobby- just keep in mind that Hubzu is zero- inspection.Once you win the bid you will have to send a non-refundable deposit.Also, Hubzu normally keeps the reserve price fairly close to the listing price on MLS (maybe around 90% of MLS price).I recommend finding the number you are definitely comfortable with and then setting the auto-bid feature so you don't have to sit there bidding back and forth with other investors.

Each of her accounts (mortgage, auto loans, credit cards, collections, etc) will have a monthly history showing on time payment, 30 day, 60 day or 90 day late payments.

Typos are curtesy of auto-correct.

Compare to Detroit when the auto industry tanked.

Find out why seller is selling, ask for a rent roll, what repairs or updating of mechanicals and roof has been done, how long seller has owned the property, are there pets allowed, are taxes current, has there been any insurance claims where seller did not use money for the repairs, ask for sellers disclosure, are there separate water and electric meters, does rent include utilities or not, are there long term leases or month to month, does deposits transfer to new owner, if there is pets, is the deposit a fee or deposit.

@Sylvia B.I will walk you through my understanding using the 2015 rules and assuming that this is the only activity you had in 2015.The mechanics of the computation are based on taxable income.

Read books about investing and managing properties, but also go on youtube to learn about the mechanics of the property.  

They cannot obtain permits for plumbing, electrical, and mechanical work.  

I work for a firm that does Mechanical/Electrical/Plumbing Engineering work, primarily for architects and developers.  

Unless you purchase a property where 100% of all the mechanical systems  or major elements like the roof are new, you may need reserves beyond the $7K required by FHA.