I bought my first house seven years ago and have managed to neither burn it down nor have it foreclosed on. =)

I'm assuming he permits the rehab to begin with.During the foreclosure process the house lacks insurance and it burns to the ground making the asset not worth foreclosing.     

I want to do my homework so I can make the best possible offer for all parties involed, and not leave money on the table and I also don't want to get get burn.

It isn't impressive to me that a platform has a giant burn rate.  

I also want to make sure I don't get burned by someone too.

The good thing about this business is that the sale has no contingencies, no underwriter to turn it down, no banks, no need for appraisals no fear of cancellation.I was also burned out, but the auction business helped me to overcome that condition.Charles

You must be ready to perform because the deals with a great ROI are available, If you have been burned it's because you didn't know what you were doing or did not have a good set of eyes advising you to make the right move.

When my tenant burns the place down I'd rather have options other than "I got 50k and a empty lot." 

I've attended several, and IMO it would be easy to get burned if you don't know what you're doing.   1)  Generally, all subordinate liens get wiped out at auction.    

So I think I will need to be someone who is involved selling properties or along that side of the business.While in my current home I do feel we didn't get burned but also didn't get a great deal.