Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The standard rate is 3% of a loan, a good broker will never exceed their origination costs of more than 3%.Additionally, a competent broker goes beyond merely securing financing.

However, be prepared for the properties to meet certain health and safety standards, as Section 8 housing requires regular inspections.5.

This is not standard.

Eventually, you'll have no choice but to get a job to maintain your standard of living.Best source for population growth: WikipediaLast Throughout Your LifetimeYou cannot sustain financial freedom if your income doesn't persist throughout your life.

Firstly I can mold the team to operate to my standards vs. the way the PM wants.

I would not put Luxe in any STR, even a higher end one as I feel the standard is comfortable and nice. 

It's not like we have a gold standard any longer. 

Just trying to get a better idea of how proceeds from foreclosures work, since it sounds like you are just planning to sell the property and keep the profits (which may be standard, I'm not sure).

I was assuming it was like a "standard" home purchase at that point that the bank provides the rest of the cash needed, but at draw points during the build.Maybe I'm WAY off here, again, I've never built anything.