@Nicholas BallHey, I'm a complete beginner to the real estate investment game and I'm just wondering what a real estate startup is?  

Can you cash-flow, or is a game of barely breaking even?

The bank will then loan you up to 80% of the total cost so you would have to have some skin in the game and they are not going to front you any of the rehab money but will release it in draws once work is being completed.

I went to the town hall and there are no tax, water, or other leans on the house with the town.

It's a numbers game but you have to mail out regularly.  

Since this is an auction on a foreclosed property are the rules of the game different? 

Getting started is the hard part, and if you haven't been in the game long it will be difficult to find banks willing to continue to finance as you will be highly leveraged without much cushion. 

I have a similar situation in one of my buildings  it seems to be a constant game of cat and mouse.  

These are the top things we change:Add a bathroom if you can near existing plumbing. i.e. add a Master Bath if a wall is shared with the hall bath.Update the kitchen: cabinets, fixtures, appliancesUpdate bathrooms: cabinets, tile, toilet, bathtub/shower if neededPut in pergo or wood floorspaint everything inside and outchange any non-modern light fixtures and fans.Don't pick fancy and expensive stuff - you start to get into personal tastes.

They like to see more skin in the game by the development team.