What is being auctioned off takes care of that lenders debt, no one else’s except if it a first mortgage, the second and third lose their equity in the property.

You're paying retail for a property that's almost certainly going to lose money each month and in an area (Las Vegas, I assume) where there's likely to be more price declines.

There are so many ways to make money in real estate, why gamble with the ways that you could lose it all with.Michael, birddogging or referring properties to an investor does violate real estate licensing laws which dictate that you must have a license to earn a fee for buying or selling a property for someone else.

Is there a way to easily finance the entire amount (+ closing costs would be nice, too)?

I will not be suprised at all to see some appraisers lose their licenses in the coming months and years.

The market here is very stable...we don't see a lot of appreciation but there's also very little fear of losing great sums of money due to a rapid depreciation.

Also keep in mind you are not losing money every month, you said you are a tad above break even which is good.

I realize I'm very lucky in that I have considerable equity in my home, and I have outstanding credit.I have the typical ups and downs of the first time investor; I worry that I'm too eager and overlooking things, or that I'll lose money, or end up with horrid tenants (yes, I'm going to screen them!!).

You can easily make tens of thousands of dollars, the only work is doing some paperwork.

It seems as if renting is the way to go nowadays since there are so many foreclosures and people are losing their homes and need a place to live.