If you wanted to, you could also disclose it to the bank ahead of time.

you don't have to use websites to find auction info.check your local newpapers - LEGAL NOTICES - they'll be listed there.additionally, you can register with the county for what are called, "estate sales" - these are not foreclosures, but they are auctions for real and personal property that the county conducts.the county does not conduct foreclosures.

Sounds great, but there are certain things that you should know. 1) Exit Strategy...although you will likely put a small deposit down and make no payments during construction, you still have to know your intentions and think a year ahead with what you are going to do...ie: rent or sell.2) What if it is built and it is temporarily vacant until it rents or sells.

I noticed that (re: low end & cash flow) on paper, too, although the concern there is A. problem tenants and B. resale down the line and lastly C. the seller usually overstates income/understates expenses so upon diligent research, I've found that the cash flow often is minimal or disappears altogether--and the repairs necessary (usually involving heating & insulation, since all the low ends I've looked at include H&HW) to make the property flow are quite high.

If you're not happy with the property, it makes sense to me to go ahead and sell if you can make enough on it to help you do what you wanted to do on the second property.

My original long term goal was essentially to retire from my 9-5 job in 15 years time making enough to have a comfortable lifestyle on income from mutual funds and stocks (I'm slightly ahead of target on this front) but believe I can shorten this to (at most) 9 years if I add real estate into the mix.

Next thing you know you'll notice something funny happening.

I looked at the appraisal further and noticed that this property was in "poor" condition.

I have noticed couple of big investors who are present at each of these auctions and consistently buying some properties.

I've already spoken to a few people and if you would like to you could fax me all your information ahead of time".