I just got my first, but I would like to set things up now to protect myself and properties for any situation.

I've never bid an estate auction before, in a situation where there's really no floor (i.e. the bank is going to bid what they're owed), so I'm not really sure what should be the way to go about this - and I personally have a lot riding on being the winning bidder.I'm open to hear anything and everything.

Sounds like a commercial loan is your only option but interesting situation! 

Everybody's situation/goals are different, so have a brief conversation with an attorney to make sure that your needs are addressed.A third thought, "now", as you described your situation above, is too early.

You will begin to learn the neighborhoods and owners and eventually we will have another down-turn or you'll find a good situation to jump into.

Investing in Apache Junction is great, but if you'll be working in Surprise have fun commuting 2 hours a day.A house-hacker is a special type of home buyer, because you have to find a deal where the numbers make sense AND it makes sense for your personal living situation.

I think everyone's situation is different, and each person's journey in discovering the kind of investor they want to be can be discovered by trial & error, or education through partnering with someone or learning through the books, podcasts or forums available to you. 

I'm interested in getting input as to how this could affect a niche market and legalities of the situation in various states.  

I know each situation is different for each person.

You and I are in a similar situation.