Make sure you document the timeline of events and get as much documentation from the people you evaluate the situation.

Remember these are auctions, so there will be experienced people who know how to play the game very well bidding against you.

If you want to use a HELOC to get an investment property, that's ok, a lot of people do that.

But, people familiar with the market know that is a $500k property.  

We have seen this first hand in the Chicago market as well.

Is PadSplit a company you need to work with to essentially find tenants and then they hand the boots on the ground stuff off to you?

We had major problems with Airbnb and VRBO not covering damages to the home after many phone calls and being on hold for hours switching back and forth to many different people.

@Travis OglesbyGet an attorney to write up the agreement between people whose it as it will list maintenance requirements, putting money aside for repairs etc and who does what.You will need to get everyone to agree as well.

If there are any other owners or people looking to own in the area, I'd love to connect. 

I'd avoid doing it on the first or last week of the month as there isn't enough time to let tenants know and PMs are busy enough (as you know) with people moving in and out.