But, the time and effort of going to court.... everyone loses.I have asked for support of all association recovered costs in the building's four year history without a response. 

I'm not a lawyer- but your interest can range as low as 1/2% to 99% - best to check with others here :-) My attorney has done deals as low as 1/2% - and it has held up in court ( he helped pass the rule in a Superior court case here in Georgia a few years ago).

Based on my investment strategy and analysis of different properties, it doesn't appear I will be successful unless the salesperson finds me a real good deal.

They appear to have been opened with a box cutter, missing the letters and no stamps from the post office.

We bought a mailing list of accredited investors (at least demographically and psychographically they appeared to be) here in Houston.

Scheduling repairs, clean outs, preparing eviction paperwork and showing up to court

What worries me is that if I were to sell today for market value, the profit would be considered the difference between my new cost basis (which is now a decent bit lower than actual payoff) and sales price and I could very well end up paying money to sell, even when at first glance, there appears to be a gain. 

Do you know the pros and cons about HUD and court step sales?

If permits were not pulled I am requiring the seller pay for permits to be pulled to verify the work was done correctly.If for some reason we found this out after the closing and there were issues with the home the seller is now open to an court case or arbitration.

Here are the full facts about the transaction:- Real Estate Agent went to the court house and bid on the property and in the title assignment place , my name is written but still RE agent is buyer as per the contract.- RE agent called us while the auction is going on and told us about the property and lured us to buy it.- In the evening I went to the trustee office and deposited the checksNow our financial situation has changed, we would like to back out and would like to see if we can get the money back from the trustee/RE agent.Please advise.