I imagine if stocks and RE took massive corrections, this might be a recipe for disaster?

These things can add up and take a toll.Finally, cost of living may not be as good as you imagine.

I could only imagine how much more difficult it will be to find a property that will allow you to house hack with positive cash flow. 

I’m imagining 0% is not considered reasonable for tax purposes.

It could be heat in the winter(in Michigan) or AC in the summer (imagine them running AC at 70 degrees all summer in Phoenix) or just general disregard for leaving lights on and things like that.

So as you all can imagine, I've been exposed to the risk more than once, but also to the rewards.Outside of real estate, I enjoy spending time with my wife and family, enjoying the outdoors, traveling when possible.

I'd imagine this isn't enough time to get a conventional loan approved for the property?

I'd imagine there isn't enough time to get a conventional loan approved for the property before the auction date?

I can only imagine that legal bill.... 

Track down the new owner of the debt to complete the short sale and wake a sleeping creditor who doesn't need to play ball; or ignore it somehow (bad title company) and the new parties in interest get foreclosed from first lien position by somebody just waiting for the opportunity to squeeze everyone.