I am thinking of a system where my investor-based agent gives me a ball park, and after that I pay contractors to go in and give me itemized bids, what do you think about that?

Those who are in socal and I am sure most markets know how tough it is with the bidding wars so I think this could be a good deal. 

They fell behind and the 1st lien LENDER filed for NOD and NTS - Notice of Trustee sale and it went to the TRUSTEE SALE X-XX-2023 where the property was SOLD to a Third Party BIDDER for $375,000I assume under this SCENARIO - the 3rd PARTY bidder who purchased the property at the Trustee Sale Auction 8-23-2023 was buying the property involving the action being BROUGHT to the TRUSTEE SALE AUCTION  by the 1st lien DOT lender and that the SUBORDINATE $101,500 2nd lien Held by HUD may have received any (some) OVER BID funds but utilmately was WIPED OUT at the Trustee sale Auction...Thus their 2nd lien Goes away...Do not believe that the SUBORDINATE DOT lien to HUD survives the Trustee Sale unless they BID to protect their juinor lien interest.

The pig will catch a sucker, the  model will catch a healthy bid.

Purchase price is below $30K, renovations cost based on one contractor bid is $350-500K.- Best way to estimate the ARV.  

A bidding war will break out and you’ll get $1.05.

No bueno....As has been said, get a real bid from a licensed Electrician and see if your budget numbers still work...

looking to place a bid on a trustee sale in los angeles under the sb10497 law for potential tenant bid.

Not sure what your advice is in this post Marcus...Luis, you will likely need to bid each project. 

Aside from seeing a parcel and knowing a great project could be built on it, it's necessary to be able to show precisely what can be built, how much it will cost, and have real numbers, based on actual bids to back up your projections.