Once you win the auction you have to put down a 15k deposit so I don't want to not have a chance of getting it back.

Also lower your rent a bit ($1300) and reduce your deposit to $700. 

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

For example, I have a main account that is for my holding company, sub-accounts for each property, and sub-sub accounts for security deposits and things like CapEx for each property.

Quote from @Matthew Beninate: Quote from @Sarita Scherpereel: Quote from @Seo Hui Han: You may want to consider local banks / credit unions just because many of them will require or give you more favorable terms for things like HELOC's and other line of credit products if you have a deposit account with them. 

You take a deposit per usual and charge them for any damage beyond wear and tear.

Do the condition of the units match market rents?

I'm not sure what leverage you would have outside of taking legal action, these are generally things that should all have been on the closing statment along with deposits etc. 

Actual foreclosure is on the East coast a Sherrifs sale and you can google the state and sherrif sales and the rules will be on the websites.. but its one of two process's either it requires a non refundable deposit if your the successful bidder or you need full cash at the sale.

Would love to speak more on this regarding the market, where I think things are heading, and some deals that might match up with your criteria/goals.Just shot you a friend request!