We are also looking for private lenders. what is the best approach in reaching out to private lenders in the south florida area

I would happily offer my own state's approach on these kinds of issues, but I don't think it would be that helpful to whomever is asking the questions.

Is there anything wrong with taking such an approach.

Any veteran investors willing to give some tips on how to approach an acquisition of a SFR via auction? 

Understand your approach, but at the end of the day (assuming we're discussing analysis in support of a BUY vs WALK decision), in my opinion, IRR(Internal Rate of Return) is too academic and the NPV(Net Present Value) has factors one can adjust.We see lots of newbies just learning to calc cash/cash & cap rates and these are sufficient to make the go/no decision, using the K.I.S.S principle.Attempting to add IRR & NPV to the learning curve is not a requirement - - for you, it's another confirmation you're on the right track.

I always ask for rental history on properties for my clients and am thorough in my approach. 

The way they are phasing it to me is , if you have to buy a building with no fridge and buy a fridge it would cost you 40,000 , therefore it is worth 40,000.First, how would you approach the conversation with him to decide the real value of the used equipment?

If you are like Warren Buffett and expect to hold your investments forever, then if we are approaching a cyclical top in your local market won't matter much.  20 years from now when you still own that property you'll be glad you didn't wait until tomorrow to plant that tree.Good luck.

In order for me to successfully carry out my acquisition goals this year, it almost seems like I am going to have to take the "guerrilla" approach to finding deals. 

Is your gut saying "yes" and your analytical side saying "no", or the other way around?