3-Lets say I bought one of these judgments and I know there is no mortgage or liens on the property will I be the owner directly or is there any other steps i need to do I heard that I need to close in 30 days or so which i have no idea about.4-Lets say I bought one that has a 1st mortgage and Im liable for it...what should I do I mean whats the next step after wining the bid at the auction.5- Another Scenario: a company suing and owner and won the judgment for 550k (the owner has 2 properties one of them is a land that worth around 80k in the market and the other is a house that worth about 600k) the sheriff is selling the land only at the auction not the house, what happens if I win the bid will I just get the land and the company suing the owner will go after the house that hasn't been scheduled for sale yet to satisfy the rest of the judgment?

There are other loan options out there besides FHA just as a heads up (5% and 10% down without having to pay the high "costs" associated with FHA loans).Each person has their own take, but if you are going in as an owner occupant I would personally advise trying to find not only a 2-4 unit, but a 2-4 unit with at least one current vacant unit so that everything can be a little bit more straightforward on the purchase.Also, if you do go the FHA route, the 2 unit one might be your sweet spot. 3-4 units have a self sufficiency test that doesn't usually pencil that easily in the Bay Area.

Depending on how good the deal is, scratch the owner financing and see if a bank will finance the entire deal plus the down-payment (kind of like a blanket loan on all 8 town homes with a cash out option) - this would require a very sweet deal. 4.

From an investment standpoint, the town of Telluride has put in a concerted effort to make it both a summer and winter destination with 2 world renowned film festivals in addition to bluegrass, jazz, blues and brews, wine and car lovers festivals filling up the summer calendar. 

Sweet!

@Monte DickPersonally for me, leveling the house and turning it into a duplex sounds like a sweet idea.

SWEET!!!

The only wine I will take in, goes with cheese.You are about to start the rest of your life...and success. 

Anyways, I am in the process of revamping my contacts to find the ‘sweet spot’ on level of detail.

@Chase Keller & @James Nicholson Sweet, thank you!