This type of product carries high risk. 

This is HIGH RISK for a lender and they would not lend to a new investor.Open up some credit cards, boost your credit, and save some money.  

I should have insured the homes, sold them, or done something to mitigate this risk.#2 Selecting bad tenants, there is nothing worse than selecting a tenant that pays you a deposit and months' rent then refuses to pay you again.#3 Allowing a tenant to pay a deposit via a non-profit.#4 Not charging big enough deposits for nicer homes, I have had many recently renovated properties that tenants have destroyed.

Are we looking at several months or over a year?

Are you in this to risk it all and make a quick buck or you are in this for the long haul. 

This is still the predominant thinking.We have had several months of steady everything.

Way more risk for the lender. 

Hi Everybody--I've been watching and researching the foreclosure auctions in Hillsborough County (Tampa, FL area) for the last several months and think I'm ready to move to the next stage-- POSSIBLY bidding!

I realize that there is risk in doing it this way though.  

It’s important to highlight several key restrictions that apply to the Affordable ADU:No Related Renters: The Affordable ADU cannot be occupied or leased to the owner, any relatives (by blood or marriage) of the owner, anyone employed by the owner, or anyone connected to any entities involved in ownership of the property.Student Dependents: The Affordable ADU may not be leased to student dependents, as defined in the U.S.