I have a partner who thought this was a good idea (which is why we partnered--they had funds, I had experience and suggested the idea) and bought 10 SFR properties that we have in a massive snowball. 

Congrats on your first deal and I hope it closes successfully.Take massive action and I'll see you at the top!

It is sounding like the reserve for the auction is over $1 million, which doesn't jive with a 10 cap buy price, however, there appears to be massive upside on this project.  

Do you want to have all these massive possibilities, or would you limit to a certain amount of cost/repairs, or would you walk away and try to find another less stringent buyer?

The tenant left a pot of boiling oil on the stove and caused a massive kitchen fire.

From my experience, the majority seem to be people in a "transitional" life stage, (i.e. empty nesters, students, newlyweds, just graduated, relocated for job, etc.) as Michael mentioned.Also, as Chad touched on, with the general population having massive student loan debt, general spending debt, or those who are still recouping after the recession, renting allows them the time to build/re-build credit, savings, etc.

You might get lucky for awhile and then boom you get hit with a massive bill.

Cut the massive waste out of defense, sell the bases in Europe and Japan, sell-off excess federal land, and close seven cabinet departments - EPA, HUD, Education, Labor, Agriculture, HHS, and Energy.

I see massive upside to Memphis as well.

I don't care what the yield is, if the property is a geo-dome house or an white elephant anomaly, it's not going to be easy to liquidate without massive concession, if at all.I recently saw a note for sale by FCI secured by a property near me.