So I do have some questions from more experienced then me..

View report*This link comes directly from our calculators, based on information input by the member who posted.

In terms of the correction coming up to your market, review the historical facts about the previous correction in this market and see if you can locate a trend.

I've started looking at various properties in my potential areas (although I am a long distance first time investor), and I finally had the conversation to iron out some of the finer points of the financing with my father.He is an experienced, if not terribly savvy investor.

Is there any difficulties in refinancing before the balloon payment that anyone has experienced or foresees?

Make sure you have an experienced inspector who also will give you an indication of life span for major systems.I'd create a sophisticated spreadsheet with as many costs broken out as possible. 

While some talented and experienced agents may be included in the selection list, many are new, or part-time agents that are happy to have business.

Any thoughts from experienced RE investors?

Certainly that's a safer approach for the buyer, but could easily put him at a disadvantage relative to more experienced flippers who can complete the due diligence quickly and make offers with few, if any, contingencies. 

They are in this for the long haul.I also know a couple of great contractors that I've spent roughly $500k with in the last year and a half or so between the two that I can recommend.As for the auctions, I have not gone personally, but I know some experienced investors that used to go before the market became supersaturated.