I would email homesearch.com and tell them since your bid did not meet the reserve, you committed your funds to other deals and will not be able to close.  

Leases:  you don';t want to be stuck in new 12 month leases preventing you from raising rents.  

I am quite excited and committed to doing my part to fulfill the mission of Bigger Pockets. 

More importantly, you won't be getting a loan for a rental property for5% down, unless you apply as an owner occupant and commit loan fraud. 25% down typically for rentals.  

Don't just use one bank, always have a backup because their policies can change, there probably is no commitment to refinance a balloon loan.While the purpose of the loan and project must be viable, be conservative with estimated revenues, vacancy issues, maintenance, by conservative I mean don't overstate the upside to you, it's almost like showing the worst case.

Originally posted by @Jesse T.

there are definitely places in va bch that will pay for training etc, but remember there is always some cost whether it is a time commitment or what

I read the BP house flipping book and I just not grasping how people will be willing t sell a house so cheap.

To me, there is a significantly financial commitment between those 2 words.  

Laws weren't always followed to a 'T' back in the day so you run the risk of addressing a few framing issues that were never yours once you open those walls (done during our demo phase).