Flip2freedom episode 77[http://www.flip2freedom.com/a-3-step-formula-to-a-successful-balanced-and-insanely-profitable-2012/] - podcast - LISTEN TO THIS TODAY!

You won't be able to get a "Full Approval" without an appraisal...and depending on your bidders deposit requirements, your risking that cash if for whatever reason, you can't borrow the balance due in time.  

Cut up your credit cards if you carry a balance on them, and start paying them off.

Get rid of the high debt balances first.

If instead the property sold for $350,000 at auction, the first $10,000 again goes to taxes, then the first mortgage gets paid off, and the second mortgage lien holder gets the balance of $20,000. 

I am concerned about balancing family life with selling real estate, however-- I don't need to watch TV.  

He will then have a mortgage of 112K with balance 28-29K equity in the house.

I'm just trying to balance this with a lot of the advice here on BP about tenant screening, strict accountability, etc.  

The 401k owner is responsible for the investments.I chose them because they were close, charged low fees and have been a conservative balance to my creative side.

We have even gone as high as 85% foe very strong borrowers if they have very good liquidity ( lots of cash and/or other liquid assets).I didn't mention the balance sheet much because it isn't heavily relied upon at our bank or other smaller lending institutions in this area because they tend to be over inflated by the borrower.