I also know that bidding in auctions leaves a lot of people frustrated, yet they keep coming back.

If the home has not been auctioned on the court house steps why not simply enter into a purchase agreement with this lady and attempt to do a short sale, if that doesn't work then buy it on the courthouse steps if you are in a position to pay cash.

I am trying to estimate property taxes on a potential buy that was an REO in 2009 (sold for $50,000 at auction).8 bedroom duplex asking $85,000 in Atlanta Georgia.Redfin shows:Tax (City & County): $2,250Tax Year: 2011The previous sale price was $370,000.Any evidence that the property taxes will stay the same or be lower if we close on the $85,000 purchase price?

Con-Ed takes too much time.You have to weigh your options and see what works best for you - but I personally recommend getting licensed if you are looking at doing this full-time.As to where to find good deals and foreclosures: Check some of the online sites that offer discounted, REO, foreclosure, auctions and short sale properties.

I've heard of 15% when HMLs are financing deals directly at the auction, but assuming it's an REO, 10%-12% is more reasonable.

How can a lease signed one month before the auction be valid?

Buying at auction (at least here in CA) you typically don't see the inside of every house you buy.

Also, have you gone to the tax auction?

I'm at the courthouse steps, I buy off MLS, online auctions, wholesalers (which you are correct that 99% can't perform), word-of-mouth, you name it.

Foreclosures, ( before auction , at auction, post auction ) Probate, ( pre probate, probate auctions, probate heirs) Landlords ( out of state, free and clear, some debt ) Current owners, (lots of debt, good loan) Tax sales, Big auction houses, Notes, Major fixers, vacant houses, major burn outs.