Anyway, I decided to go ahead and study for my MD Real Estate License.  

For us that is literally hundreds of millions of dollars of liability that we will not assume to simply "wink wink nod nod and give one client their money because they've decided to not complete an exchange.So it's a big deal.But your QI does not have to keep it another 180 days. 

Since then I decided to bring on a partner (who's happens to be a realtor) to share in the work load, expenses and profits(50/50) and also hopefully use his financials combined with mine to procure another construction loan.

For replacement costs on my average deal, HVAC is 3-5K, roof 5-6K, water heater $1K, and foundation can of course vary depending on severity and whether slab or pier and beam as examples.Third, decide if there will be any additions, conversions or demolitions whether adding a bath, converting a room to something else, or removal of walls to open up the space. 

It was a good enough deal that I factored in "worse case" scenario eviction costs into my numbers and decided I'd take care of that myself after closing. 

Agreed, you may or may not be able to buy the house for your bid....the bank hasn’t decided yet.  

So my question is, if I do decide to purchase at the foreclosure auction, will I then have to file for the redemption, or is there something else I need to do?

You will have to decide for yourselves what is fair given the value each person brings to the company. 

@John Story: Also, I have shown I have money in one location (bank account) and decided to use money from a different source (sold stocks). 

I have been listening to the podcast, watching webinars and reading articles for a few months now and finally decided to sign in to the BP app.