So the first challenge is to win. 

If the final judgement is 20k and I win the bidding with lets say 25k do I own the property free in clear once its settled or would I then be responsible for the mortgage payments left over on top of my bidding win?

Generally, foreclosures require winning bidders to pay, at the time of the winning, a percentage down (often 10%), This is usually non-refundable.The "seller" has no interest in how you pay, as long as you close by the date that they set; making conventional financing often an impossibility given the time constraints.That being said, hard money does what hard money does ... it gets to you much more quickly.Much success.Bob

It is one that consistently closes deals, and the one that can talk to you like a person, not someone that just wants to "win a deal". 

But, if you haven't bought enough INSTANT additional equity because your deal wasn't really a "deal", you WILL be lumbered with the vagaries of HML. 

Personally, I've hired property managers since the beginning. 2 main reasons:1) My properties are out of state.2) I got into real estate to win my time back.

Tenants look at it as (inflation is like 7% so sign for 10 years at 4% annual I am winning locking it in).

We see it as a win-win.... we can 'make money' out of our management skills like having less than 2% vacancy, very long term tenants, low repair costs etc... compared to some traditional PMs.

There are lots of ways to play the game to win, but I really think it starts with reserves.

Pretty instantly you can use your target $/sqft figure to know what property’s will be profitable to your liking.