If you have less than 20% equity, I wouldn't do anything right now.

Better than I anticipated!

You may have to provide a proof of funds to enter the auction, but other than a tech fee, your money should not be in jeopardy.

If you plan on building a brand or having more rentals, than 100% but if only planning this one it isn't fully necessary. 

Since they didn't pay September rent and usually there is a lease breakage fee, I presume the amount they will get back is zero. 

I do commercial and there are good options but the price ranges are much higher than Single Family and the risk (i.e. in retail, ~80% of the business fail in the 1st year) could be higher. 

This blows my mind.I'm curious what sorts of things require you to be at your property "in a pinch" that would require you to be closer than 45 minutes.I live 2,000+ miles from my 12-doors and I have never had an issue that couldn't be solved by picking up a phone.Heck, I don't think a local PM would even make it to your property in under 45 minutes if you "needed" them to.

Short term rents are typically higher than long term and could push you over the edge to break even or possibly cashflow.

The management business is more competitive than when I started in 2016, you need experience and/or an edge.

I've spent the last couple months reading tons about REI (including Brandon Turner's books) and have found it all fascinating.