What types of properties are you looking for?

What should I expect from a this type of program?

CPAs often advise against pursuing this designation unless the time commitment and documentation are robust, as failing to qualify can result in IRS audits or penalties.The 500-hour rule pertains to material participation in specific real estate activities or businesses.

What type of funding are you using?

I find that if things are well documented and reasonable, they are pretty good to work with.  

When it comes to these types of auctions by the sheriff, is there a waiting period that must be observed before rehabbing/renting the building post winning the bid?

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Maryland has more likely (but still long shot) criteria.But, it is not safe to assume you won't be sued since the US has about 30 million civil lawsuits pending as I type this.And, it is against public policy to insure intentional torts.

Are you still looking for this type of deals?

Post Dodd Frank sellers have continued the same bad practice of selling houses to occupants with financing at selling prices that are way high, can't be justified via any type of 3rd party valuation (appraisal, zestimate, tax value, even recent sales in the same area).