As far as I can tell there's no way I can defeat the redemption (short of buying the redemption rights for several times the auction price), but if I have to move out 2 days after I receive the papers I better start packing now!  

The property would have to have some kind equity or be so upside down the bank would do a short sale otherwise why would the owner sell.If you have a way of identifying the property I would give it a try but don't be surprised if you have to kiss 100 frogs to find the prince.

So in short, I thought this would be a good place to start.

@Daniel FierrosThe rules for short term rentals in any market are in the spotlight because of the success of AirBNB.

If we accept *and discover no other problems with the property* we will be in for 35k.The returns seem decent still, but I know that this house will probably never be worth more than 35 where it is located, and we would have to do  more work to get it there, so we would have more in the property than its worth.So run away, right?

For the short term we are looking to flip a house(s). 

Of course, turnkey is not meant to be short term, so the rapid exit strategy is hypothetical.

My goal is to gain another form of income, both short and long term. 

I will tell you that I have learned far more with this company than any typical real estate gig or seminar will give you in a short amount of time.

We recently not only discovered BiggerPockets, but real estate investing in general.