Also drove around to experience the traffic and went to the Japanese Tea Garden by the zoo.I didn't fully explain in my post.

im sorry I'm a novice and inexperienced, but would PP be based on before Repairs or ARV?

Unless they are using it for the offset against strong taxable income, this is not for the inexperienced.

The list agent represents the seller, not you, and they'll be sure to advise the sellers accordingly that there is an inexperienced person on the other end of the negotiations.

You should have reviewed all of this upfront and had the foreclosing bank post foreclosure agree to cover all of those outstanding amounts to extinguish any liens before you closed.I feel for your situation as it sounds like you are both very inexperienced with these types of properties.I hope the property wasn't valued at 100,000 in perfect shape and you bought for 80,000 etc. 

This buyer is also likely very inexperienced at landlording / property management in general....What is your exit strategy here?

Not my cup of tea personally. 

I'm not sure of a focus beyond that at this point.I am very inexperienced, but I am here to ask questions, learn, and act.I'm looking forward to learning from and interacting with many of you.Sam

Depending on city/county the time frame to get plans, specs, permits done and approved is 12-24 months. 500 feet with inexperienced owner hopefully with contractor who marks up the cost 500 X $300 foot for moderate construction or $150000 cost.

Inexperienced bidders therefore get their hopes up researching properties that aren't actually going to be sold - and in the competitive auction spirit, wanting to not go home empty handed... they end up bidding up the prices on whatever leftover scraps do make it through to auction.