You can combine all of the above too, but there is no free lunch ... you'll have to put in more hustle, more risk, or more money.Whatever the case, make sure you can afford to hold it in good times and bad.

Just off the top of my head, the current owners know they're selling they may be less inclined to put in a lot of work finding a good tenant.

Of course I want to spend as little as possible But I am afraid that if I go the auction route someone may put in a offer via mls and purchase the home.  

There is a tradeoff as you know in terms of spending money and transacting, hopefully the resources you put in find a seller that then is willing to let it go at a price that makes sense for you.

So I wanted to ask if there are any special contingencies I should put in, time lines, things to ask/look out for?

If that is the case, I'm thinking about the delayed financing option to at least get 80% of my money back to put in other deals so I'm not sitting on the sidelines for a year.

I know there is some potential here if I can put in some work.

Marcus, in a project we just did we put in that dark allure flooring and it looks great.

However, how many properties you put in each LLC depends on 1.)

Sometimes I'll even get the asset I'm calling about or be able to put in an offering as a back up offer if they don't sell the asset at the foreclosure auction.9).