Dont expect any "deals "  If you are in the path and need emergency work done .

I would expect all of my clients to ask me these questions:1) What is your background and what is your real estate experience?

For example, assume the old renters are paying $300/mo, and we expect to get $600/mo after rehab.Do we have to officially evict everyone? 

Long term, if that's expected to change, you might as well start in a way that best protects you. 

@Melissa Taylor, you can expect the auction to likely drive up the price to around the market price. 

You have to trust the contractor will have your best interests in mind and not gouge you on the pricing  or respond to tenant related or nonsensical issues (ie, I have a broken slat on my miniblind and need it to be replaced). 

What should I be expecting to pay in construction costs.

But that was a definite lifestyle change, and probably not a turnkey solution you can expect of your typical tenant.Given that you need to get the ones that are hiding between the baseboard and wall, in the little nooks and crannies, and all that, I too would suggest nuking the place with 300 degrees of glorious inferno.

The hard money lender is going to expect you to have some money in the deal.

Just don't expect to find anything on the MLS.