The 1031 exchange is a procedure that in essence is a sale of investment real estate followed by a purchase of real estate.  

I'm not familiar with your state's nonjudicial foreclosure procedures, but that "opening bid" may not be the total owed, or even what would be accepted to let the property sell to a third party at the auction.In most places you can find this information online from your county web sites, or at least in person looking at the files. 

The procedure varies from state to state but typically the trustee will mail you a deed and you record it.  

Love cooking, going for walks with my dog, living the single life, traveling, a good dry red wine, and face massages.

Denny: As Steven Hamilton said, different counties have different procedures.

Granted, you may be farming out management when scaled up, but the insights you gain from managing a couple of units could help you oversee management and have some insights in the ownership process (such as CAP EX, Tenant Quality, Turn Around Procedures, Policies, etc). 

What have you done to begin your journey in educating yourself to learn the procedures, habits, and pitfalls to avoid in your new found real estate business?

Features include:Sale by Owner of Record: Only the owner of record may sell a home to an individual who will obtain FHA mortgage insurance for the loan; it may not involve any sale or assignment of the sales contract, a procedure often observed when the homebuyer is determined to have been a victim of predatory practices.Time Restrictions on Re-sales:Re-sales occurring 90 days or less following acquisition will not be eligible for a mortgage to be insured by FHA.

@Jynell BerkshireBeing from Los Angeles this is standard operating procedure.

I'll be more careful with my wording next time.Do you write all the system and procedures in a word file or excel?