As I am reading the terms/conditions of the contract I see RED TAPE!!

Everyone here knows about the crazy demand and low inventory that's going on, and know their houses are worth a ton of money regardless to condition.

Individuals who wish to obtain auction dates, subscribe to the email list, or obtain the terms and conditions may go to http://www.BIDKW.com.

Make sure you ask them for a copy of the underwriting approval conditions so you can see for yourself what has to be done, since they're flaky.If you need a bridge of hard money, expect to put at least 30% down and pay a couple of points to close. it should only take a week or so to close if you have to.

(that will help in knowing the potential tenant pool)  What kind of condition is it in?

Keep in mind I talk to the neighbors and found out he is a slumlord and had tenants living in not so good conditions.

Also, you will see that every deal is different and conditions often change deal to deal.

The deck is in poor condition.

 @John Chen:Look for bandit signs around town that are advertising "cash for your house" or "we buy any house, any condition" or something like that.

It's a calculated decision based on at what stage and condition the building is in.For retail if there are no demising walls yet and it's in a cold dark exterior shell condition the all in costs for putting in walls could be 35 to 40 per sq ft with plumbing and ceilings etc.If you have demising walls already could drop to 25 to 30 a sq ft.