If you fail to pay and the 30 day period to respond has passed, you may be required to start the process over (my office requires this).

At which point in the foreclosure auction process (Let's say once I am the winning bid on the property) do you have to put down an EMD?

Trust data, focus on the upside but plan to take calculated risks. 

This process can take 2-3 weeks depending on the state.

Establish a high standard screening process, and stick to it.

Without that you can be sued personally for any issue within it on your str.Its much harder for people to pierce the corporate vail and sue you personally if your property is owned and managed in a LLC .Financing is one of the only drawbacks as it is a commercial process and banks usually like to see 3 years of a decent tax return.We have 19 properties and all are in an LLC and in fact we only hold 2-4 properties in each LLC (all are owned by one parent company and done in one flow through parent company)to even further shield the liability that may/can occur on a property.There is no doubt you are exposed to higher risk on many fronts if an investment property is held personally.

Some states are easier than others; however, it is important to understand the process and laws of owning properties in another foreign state.

Seek out distressed houses that are better off with minor cosmetic updates than major structural repairs.Form a Team: Assemble a group of experts to assist you in navigating the house flipping process, such as bankers, contractors, real estate brokers, and inspectors.

Are there brokerage services who guide first timers through the process?

We have a tenant in process- my property manager is telling me that he uses Turbo Tax and the lease he generates only requires his signature and the tenants.