The auction site webpage says there is a deposit required to be allowed to bid, but does not say a "non refundable" deposit.  

Say a property is listed for 10,000 as a HUD Foreclosure.

If they win, say, a $200K judgement it will be as if you've taken out a $200K loan. 

For example: Let's say a car salesman offered you a great deal on a car, but you already have one, what would you most likely say?

*When i say a quit claim, I don't mean a quit claim to the potential buyer, but a quit claim from Kathy and Mike to just Kathy.

. :)Here is a great post by attorney Clint Coonshttp://www.biggerpockets.com/renewsblog/2011/1/6/r...I believe you need:Wholesaling Skills (finding wholesaling deals and finding cash buyers)Good builders at your disposal for retailing - rehabbingGreat RMLO for seller financingA good creative contract attorneyCreative Financing Skills (buy on terms: lease option, lease purchase, sub2, land contract, installment sale on free and clear properties, jv with home seller re: minor rehab and using private money, cash-credit partnering with business people, etc)SDIRA education - look up www.TrustEtc.comGreat marketing advice (see the marketing forum here on BP)Knowledge of Negotiating with Home Sellers@Bryan Hancock@Brian Burke@Dev Horn@Michael Quarles@Jerry PuckettPerhaps you guys could say a few words.

Using that figure, I can't replace one of my units for $15,000, and even one major mishap might eat up most of that figure - say a flooded room, or a tree limb falling.

I would focus on your day job (and increasing your earnings and position in your organization), go all out learning and reading every real estate book in the library, even buy a few used..listen to every free podcast on the Internet....then put the savings in, like the others say, a low fee index fund..

I hope you have dare i say a qualified real estate attorney. 

Wise folks say a good next step is to introduce myself here, so here I am, and here is a bit about me and my grand plans