Keep in mind that the auction process is just part of the legal requirements for the lender's collection activity of last resort - and that the auction process is somewhat designed so that the lender can "solve" some of the issues by following proper procedures (for example, IRS liens can be left with just a redemption period if proper notice is given to the USA that a foreclosure will happen and extinguish the IRS lien).

It goes without saying that you should be collecting a pretty strong deposit. 

Maintain good credit habits and remove the negative1 - You want to get rid of collections or inquiries that will damage your credit score.

Everything else was mostly a cosmetic fix.We discussed ways of collecting rent -  Social Security paychecks for rent are nice because there are no inspections involved and the check will be deposited directly to you each month it is due.  

They will be a problem collecting rent.  

If they collect 300, they could recover that 25 months, depending on efficiency, they might raise that in 5-6 years even without raising fees. 2550 rent on a 200k house on a hot market is a no brainer, sure hope there is appreciation.

I could still maintain a normal 9-5 while collecting rent from the additional unit(s).

Many online auctions will not permit financing and require proof of funds quickly after auction end.

He told me that I need to show him the proof of funding first.  

We were only in business for a couple of months, had no tax returns or anything to show but proof of rental income.