It's very important to stay in contact with the Bank, Title, Insurance during this phase and make sure everyone is on the same page and has each others contact info.

Glad to hear you were able to stay on top of what it’s sounds to be a great deal!!  

Is not selecting an applicant for a given unit, but keeping their application open in case of other vacancies (for example the application would stay valid for 30 days), the same as a denial?

Personally - I stay away from these auction homes.

Pros: -Most major cap ex fixes are covered-A lot less to rehab if bad tenants- great HOA can fend off bad neighborsNegatives:-If problem happens between units can be a headache-tenants tend to not stay as long-bad hoa can cause some issues There is many factors for you to determine- each situation is different

Guests can be asked to leave for a variety of reasons but if they are tenants then it could be a lengthy and costly eviction process for each person who chooses to stay. 

The home currently has a tenant and they want to stay he’s warned then of the possible sale and that within a few months I can increase rent to $800-$850.Taxes are $1604 a year and insurance rings in at $650 annually.

Stay the course and keep looking.

You see progress and stay motivated that way even if the math tells you to hit the highest rate first (avalanche method). 

It's just too easy to stay close to home when you loan money, Michael, so be careful and good luck.Jeff S.