You'll need to enforce late fees to encourage on time payments though and not allow them to fall so far behind like the previous owner. 

In those cases though I know I have people I could rely on that I trust, and fall back would be ppl local to the property I can trust.

Few people could get mortgages, and home prices continued to fall.

Not only do you resent them, you want others to know you are a victim of such investors. 

The slightest thing goes wrong and you will be in for a long and nasty and very painful fall., not a good idea. 

Lots of deals fall through, but I were working with a newbie and doing this constantly, where my client was obviously not sure what they want or how to get it, I'd probably break up with them fairly quickly. 

I purchased a house that was in a prime area that nobody wanted because the foundation was literally falling in.

Well that and the floors were falling in

If the current rents are significantly lower than market then it might be a viable deal.The reason I mentioned Financing is although the property still falls into the Residential category (versus Commercial) it is considered an investment property.  

Some Auction.com properties even sell without an inspection contingency.Highly recommend you read the fine print, and contact Auction (or the listing broker they're working through, if you can find it) to double check the details on your specific property.In general, though, yes - you usually get your earnest money back if the deal falls through.