It is also near downtown, and conveniently located within a short drive to other business districts, so we get some inquiries from professionals.

A great deal will insulate you to a large degree from any short term market fluctuations ... in fact, that is the very definition that I use to analyze if I have in fact found a great deal ...

I don't know how large your condo complex is, but for condos of 50 or more units, it would be a challenge to get every owner to get to it, and properly clean the vents if it was discovered  vents were never cleaned and it could be a safety hazard.I also had special assessments for new roofs, other building wide improvements at my rental condos. 

I am leaning towards Brokerage account because I definitely want to be able to put some of my money into mutual fund for short periods of time.

After all, now I had an ARV estimate from an experienced expert.I met with the seller and discovered that he had been in the remodeling business previously.

In short you need to do as much due diligence on the auction as the property itself. 

So, the long and short of things, find private financing from friends and family or do Subject To and Wraps.

I feel really comfortable working with short sales, foreclosures, and folks with inherited properties, but distressed properties are definitely in decline right now with the high market prices.

Also (you didn't ask me this) but in short, my thoughts on the Fresno market is that it all depends on how soon all the new construction goes up.  

They can work wonders in a short time because they know all the little nuances.Good Luck!