It's not uncommon for them to get an appraisal and/or BPO with an interior inspection after the auction too.

That is a great question and not uncommon at all. 

Property 2: Its not uncommon for the property to be tenant occupied AND have a statement saying "no showings until accepted contract."  

It is not uncommon to lose money trying to hold it on a month-to-month basis like Daniel mentioned or get very low returns if you are buying it cash. 

I also know it isn't uncommon to get repair cost also to draw from.

-JaredAffordability IndexAffordability is now a concern – only 44% of the people who make the median family income ($88,888) in the greater Phx area could have afforded what sold in Greater Phx in the 1st quarter of 2022Economists want this to be in the 60-75% range Mortgage Rate History chartInterest rates do not stay high or low foreverAt the tail end of a recession – it’s not uncommon for interest rates to come down.

Your situation is not uncommon.

Its not uncommon to find a cashflowing investment for around 80k that needs little to no work and rents for $1k+.

As Russel mentioned small multi-family buildings (under 5 units) are uncommon in our area, so why not find a single-family to house-hack, then rent, refinance and repeat?    

This is not uncommon.