The 2% rule says $2000/month.Also keep in mind that there are costs involved in holding your property that exceed just a loss of value.

We learned about it from a group we got involved with through a local Meetup.com real estate investor club.

My current thoughts are:I really want to flip houses and would love to get involved in that.I've wanted to buy my first house for years now but knew I wouldn't get a mortgage loan (because of spotty work history through college).

I even got involved in a mentor course for commercial real estate.

The above is the sense I get from looking at the court dockets and deals I have otherwise been involved in. 

But the question here is how much risk do I have to buy a property on Auction?  

Normally the return on any investment follows the amount of risk that is involved.  

I could maybe borrow the down payment, hold it till the tenants are gone, and then sell it but that seems like a lot of work and risk for might end up being $6-$8k.

the seller, the buyer, the bank, the neighborhood, and the agent or investor (if one is involved and get compensated.

I understand the more equity i have the better off i am from a risk standpoint, however, leverage is a great way to make cash flow and earn and own more properties.