Do 10 day inspection period and 30 day close, if they say no go back up to longer inspection period/close.

There are waiting periods required by FHA before they will lend on a flip.

Will I be likely to face lawsuits and liens related to the work done by the auction buyer and his contractors (the lien period won't close for a few months.) 

@Isaac Bahary - I honestly think it's silly to do a BRRR and NOT have any cashflow after the REFI period. 

It doesn’t matter whose tree it is, period....when a tree falls whoever owns the property damaged by it is responsible to fix their own property, and for the clean up of the portion of the tree on their property.

I have officially initiated my real estate education a couple of weeks back and wish to build a solid foundation to setup and grow a new source of income.

I recommend you continuously educate yourself.

Hopefully what you’re investing in all our children will come back to you, as you educate yourself on BP and build your portfolio.

Excited to learn a lot and appreciate this site for the information I have already learned in a short period.

Like I said, I'm speaking from experience.Give yourself a 30 day cooling off period.