Do it again to create a snowball effect?

All things being equal which project is more cost effective?

It is very difficult, you have show a legit POF to the lender before they will consider it, lots of things can fall apart, the bank will want near market price and the end you just tied somebody’s property for months, you can’t do the deal, they get foreclosed on because they wasted all that time with you.

It wouldn't generate cash; it'd be a consumable good, effectively.

The effect of this rule is that once you have 10 mortgaged properties you cannot get any more conforming loans.If both you and your wife can qualify, each can get 10 conforming loans. 

Should I wait until the day before the auction to look at what is for sale so I dont waste my time?

I wasted a lot of time/money on my first and last Section 8.

Don't do individual showings as this waste your time and inconveniences your current tenants.

@Aaron Deane Many of the answers you are looking for can be found here:How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

You can offer to pay them, but a lot of contractors I know are busy and wouldn't want to waste time looking and bidding on a project they will stand no chance of getting.