BTW, if you are not familiar with 1% rule, just search for it.

For example no repairs to cars, quiet hours, all dogs must be on leashes, bbqing rules, etc. 

Great find.Should only improve with appreciation.

You are clearing the 1% rule as it goes, but only if the numbers you have provided include the above.

Wondering if there any golden rule for minimum bid on such home owner occupied HUD properties.

I told them while chatting with them, that I made no exceptions for my rule that income must be AT LEAST 3x monthly rent.  

@Anna Watkins @Steven Hamilton IIThere is case law out there to support a long-term hold being classified as a flip if it is substantially improved prior to re-sale.I'd want to understand how much of your time will be dedicated to this reno, how much income it generate compared to all of your other sources of income, and how many other flips you have done or will do in the future.If it's a one off reno, then you'll most likely be fine.

My initial research has been into - kane county foreclosure sales- researching liens online - practicing the 70% rule on the list of 2016 past and future foreclosures to see which properties sell for at or below max offer amounts and to see if i can tell what indicators set these appart from those that sell at foreclosure beyond the 70% rule amounts?

Keep your tenants at arms length, they are not your friends, and inforce all rules to the letter.

If you are starting out with rental houses, get ready for more impossible rules and regulations and higher costs for repairs.