You've got a good start going by continuing to learn and reaching out on BP.

I just read up about it and will continue to research more. 

The setup, legal and continuing compliance costs alone will eat into most, if not all, of your profits. 

I find many like minded individuals and potential partners this way. you need to put yourself out there to find the folks you are interested in meetings. not all meetups are great but continue to search and find the good ones in your area.

Lesson learned, now you have the experience and can take this to the next deal. contractors can't overbid you as you know how long it will take and price of materials. take this lesson and continue to grow.

Continue to educate yourself with the podcasts, webinars, books, etc.

Early on, all cashflow went to the business to continue building and buying more... now it goes to medical bills and a stupidTooExpensive primary home... in a couple of years it will go into more investments.

I could also continue to take depreciation and reduce the cost basis further.

You're on the right path - continue to save, educate and invest and soon you'll be able to do more than 1 property. 

you are only allowed to credit bid what your owed and expenses.. if you paid the tax's then yes you can add them if they are unpaid then no U cant.. if you want to own the property and continue to bid above your credit bid your just like any other investor and you can bring your cash to the sale ( cashiers check) and bid as high as you want.. but keep in mind any overage over what your credit bid is.. goes to the next creditor or to the owner. and if you don't pay the first off your taking title sub too the first and will need to deal with it.. in many cases like this is can be a situation were you simply buy out the first NOW.. and your second goes into first position and your second because you advanced the 30k becomes 105k credit bid.. and then anything bid above goes to the owner or next in line.your trustee that you hire to prosecute the foreclosure will walk you through all this..