I have a single family property right now that I’m flipping, and i was considering keeping it instead just to test the water.

I’m taking the NASCLA test.

Get your feet wet in Cali first, learn the game then when you are ready, start testing other markets.

@Matt HummelThe 0/100 partnership may not fly by the IRS if the whole intent of the profit and loss split is for tax purposes.It may not pass the substantial economic effect test.

Now I am all for buy 1 test the market have a proof of concept first. 

i was curious about competition, and looks like you're the highest priced house in that vicinity (other than the stuff that's not remodeled and been sitting for >100 days). do you have any remodeled comps to support this price, or are you testing the waters?

The most common sniff test is the 1% rule, where the property can produce 1% of the purchase price every month, it's worth digging into and looking at the deal in more depth. 

The litmus test (in my mind anyway) is, if you are not comfortable doing your own title search (yourself) on a property you're considering bidding on at auction, and fully understanding what you find in that title search, you probably shouldn't be bidding on that property.Buying a short sale or even REO (bank-owned property, where the bank has already foreclosed, now owns it, and is selling it) are both far better options than a foreclosure auction itself.

Easiest would probably be to spend the couple hundred bucks to become an agent and get access to your state's forms which have been put to the legal test.

It was so bad I tested them to see how they show a unit.