The minimum bid at the auction is an amount slightly above what you already have out pocket....if no one bids that high you get the property (at a price higher than anyone else was willing to pay).

This would leave us coming out of pocket 150k + 140k which isn't viable.

If you have to come up with cash out of your pocket every month just to pay the mortgage, you are at high risk of default should anything go wrong (lose your primary job, big repair bill, extended vacancy, etc.)

You should be able to refinance after a year but be aware there are some fees that will need to be paid out of pocket to complete the process.

This leaves you money for reserves.To preserve what's left of your out of pocket funds, request a Seller concession for your closing costs. 

Hello bigger pockets people!

Your LOI will have to state the amount you are planning to put down as a EMD within 2 days of signing the PSA.This is typically around 1% of the purchase price.You will also need another 0.5-1% for out of pocket expenses before closing.For a $20mm property, that is about $300k out of pocket before closing.You of course also need the credibility to be able to get the property under contract and the ability to close thereafter or kiss the  money you put up goodbye.

Years from now when you are around all of your successful friends and they start talking about their worst deals you'll have this in your back pocket.

Well, I tend to approach my knowledge as a real estate investor divided between BBP (Before Bigger Pockets) and ABP (After Bigger Pockets). 

Wonderful to have your mom on your back pocket.