Obviously, the rules will differ from state to state.The most successful buyers have trusted bidders with cashier’s checks in multiple denominations (for cash sales) and the actual buyers have field runners and people to monitor multiple prospective properties at a given time and check sales status for postponements due to BK, etc.This is the case in larger metro markets where many properties could go to sale but few do so.There are often better ways to acquire properties then auctions.

The house is worth 275,000-290,000He owes 162,000 I want to take over that loan with a 1100 mortgage payment and the tenant pay 1900 per month.

I've flipped several properties in Eastwood Hills East and surrounding neighborhoods, with about half selling to homeowner occupants and the other half sold to investors with tenants already in place.That said, the specific property you're considering is key.

What you want to discourage is the tenant 'helping' you with feedback/action that is outside the scope of the lease.  

Real estate investors often find themselves working with many providers between insurance, financing, property management, tax preparation and strategies, etc.

Also, connecting with local realtors or property managers could help you get a feel for market rents and tenant management.

I’m Christian Dozier, a licensed real estate agent with The Nate Evans Group/EXP Realty, proudly serving the Champaign/Urbana area.

He not only wont pay you back, but does not communicate anything with you.

Similar issues happen with VRBO and Airbnb electronic payments:(

Best of luck with the builds.