@Ian Ramos - Depends on what you mean by "not a lot of money".

But that is completely dependent on the location and condition of the property.

Obiously it would depend on the sellers comfort, but from your experience what would you suggest?

The Appraisal Industry DEPENDS on sales comps. 

It will vary depending on if its your first use or second use.Also there is a hack because if you absorb it, yes you'll end up with a higher rate temporarily but 6 months of good on time payments later you can always do a VA IRRRL down to market rate again and VA IRRRL (interest rate reduction refinance loan) have a much lower VAFF of .50% so its much easier to drop your rate.

I've definitely made some money both on the cash flow and appreciation (appreciation was a surprise in most cases).But that being said, the exit strategy is difficult and I can see why people lose money on these ventures.Four pitfalls I see:#1 Lack of control:  Depending on property managers who in most cases do not have your interest in mind.  

It depends on your goal and objectives.

The funds should be back to you in 3-5 days, depending on your bank. 

@David Stone depends on the credit union and how bad they want business.

Depending on the value of the property you will need to show up with $x,000 in certified funds to register to bid and if you are the high bidder you will need to increase your deposit to y% (typically 10%) of the high bid within a couple of business days. 30 days settlement is standard, so financing is possible.The difference in risk level between private auctions and foreclosures is huge.