We selected an area that had good summer rentals (obviously because it is a lake house), but we also found a lake near a very good football program so we could also get fall rentals. 

If the market does adjust you will be ready and can be more selective. 

@Brian Tran I like to start out by selecting a theme for the house.

One way to get out is to read the contract carefully and find where he has breeched it.  

Being that you are represented, I have to be careful not to step on anybody's toes.

Better deals have lots of company.Suggest you to investigate, inspect and carefully evaluate if it is for you as a strong buyer.

Be careful, the ADA only recognizes dogs for service animals, but residential rentals fall under Fair Housing that accepts any animal(s) as ESA's, and violations of the Fair Housing Act are very expensive. 

I would add to the good advise you have received thus far, if you do decide to purchase for cash at an auction be very careful of the purchase price..

You can possibly do it if you carefully ask yourself these questions:1) how much can I afford each month to hold a subject property?

Be careful about rushing tenant placement, you're better off with a brief vacancy and a good quality tenant than rushed with a poor quality.