If so I realize now you would need to have a good amount of equity in the property to cover yourself in case something horrible were to happen, and for instance you need to call your hard money lender to bail you out and resell the property quickly. 

If you are capable of fixing them up, new Windows run about $130 each and new vinyl siding for $1000 will add substantially to resell value.

If you get tax returns and solid info that tells you this property is doing better than this, and the property has little or no deferred maintenance, then it might be worth considering.If this property appears to be a 13 cap, for example, but you can find a 10 cap in a clearly better area, then I'd go with the latter, which will provide a better risk-adjusted return with more stability in net income and better resell value.Tenants in D+ neighborhoods rarely get their sec deposits back anyway, usually due to excessive unit damage, or the fact that they are eventually evicted or bail out on your with unpaid last month rent.

They may or may not decide to use an auction service to re-sell it, but typically they would list the property with an agent.Be mindful that the Protecting in Tenants in Foreclosure Act has expired and was not renewed.  

I am investing in real estate for rehabbing and reselling. 

The BP member stepped in, and using his IRA purchased the land, and is reselling it to us at a higher pricer, giving him a healthy return on his investment.

@Ryan Billingsley Here are my personal goals for 2015My goal as an investor friendly agent is to close 24 deals this year (already have closed 2, and 2 more in Feb, so am on track), flip at least 12 of my own properties (currently rehabbing a condo, purchase price of $54k with a $8k rehab budget and will resell to a buy and hold investor/client for $85k with $1100 monthly rent), rehab/manage at least 6 flips for my investor clients (currently rehabbing a 4bd 1bth SFR with a $62k purchase price, $50k rehab and $165k ARV). 

I am excited to be more active in the community and I would love to meet more people on the site so feel free to reach out about anything.My current projects include rehabbing a house to resell and closing on another that will be a rental in a few weeks. 

Your exit strategy can be just resell as is to another developer or put on open market for $835k (if it doesn't appreciate at all) , make $45-65k and move to the next project.  

A less brain damage plan would be to buy an already fixed up house and live in it for two years and then resell for profit with that approach.