. $400k home, $300k contract, $300k mortgage, $100k worth of equity built in, which I surmise is enough cushion to weather the next storm.  

This has caused our financial cushion to dwindle and want to be proactive before it is completely gone!  

Raise plenty of capital up front and have reserves for any of your current properties.Do Not Over LeverageSome experienced investors are purchasing at 65-70% LTV (Loan-to-Value) instead of the normal 75-80% to give them the extra cushion.

If you need to work on a roof, find yourself an old couch cushion or whatever u can find.

Essentially waiting 9 months would just give me more of a financial cushion to start with.

My question is: In this particular market is it it possible to offer home owners who have their homes on the auction list a price that covers their back taxes and interest along with cushion money to sweeten the deal and buy that property free and clear?

I'm looking at a cushion of about $50K left over.

Jack your rents up now so you can have a cushion when it is imposed.What I find most disheartening is the fact that rent control will prevent people trying to move into Chicago from finding desireable apartments.

Make sure there is A LOT of cushion in your rehab numbers and have reserves, reserves, reserves.

I'm not currently interested in making any direct income as of yet and any profits would be saved for future real estate endeavors and cushion for repairs/maintenance.