@Jason Matthews, The ones where everyone wins, or that leaves enough meat on the bone for your end buyer, along with minimum complications.

I asked him several more somewhat probing questions, and he was super helpful with all of it.

My mortgage payment with property tax, school tax and insurance puts me at $558 dollars a month.

If so, the payment would be about 1877 a month for principal and interest which still puts me at a negative cashflow of $177 each month before tax advantages like depreciation. 

There are lenders in Oregon and Washington that will provide funds to bid.you must deposit 20% of the bid amount with them.. so lets say opening bid is 200k you need 40k.they put up the rest.. then they take a security interest in your trustees receipt and put their name on it to protect them.then once the trustee's deed comes they roll it into a normal HML.. with Deed of trust and note.they will also provide the lists and do the bidding for you.. their is a fee for each ala carte component.. so there has to be significant meat in the deal to make this work for the investor.. its a flippin money machine for the lender though. 

If no- “thank them for their time and tell them if they change their mind please call me at your number. 

It looks like a good rehab was done, should that put me at ease about the age of the property?

You need to probe around see if they will even consider a low offer.

Here's the breakdown for those who are wondering;House purchased at 140k with 20% down (28k)Rehab/Repair costs:  $3100 of my own cash, $2100  (paid to me at closing) to the painter from sellers for the remainder of the exterior paint job  PITI Payment:  $861.00Rent: $1570.00What does everyone think for my first investment? 

Once a property was listed, it was like a meat was threw to a pack of wolfs, it would be gone quick!!!!