I have already booked tickets and hotel reservations!  

Being that the roof, HVAC's and foundation have all been replaced completely in the last six months, I believe those are your high ticket expenses.. but I'll also be asking if there has been an inspection/appraisal done.

Thats another big ticket item. 

Please read my notes below as to my experiences/opinions of you want to buy some houses at auctions...1) Some cities have already been inside the properties, so you would need to check with the cities to see of there are any issues/tickets/demolition orders/fees/fines on the houses before you bid on them. 

If you make a million of the idea send me a few scratch off tickets.

If I am cautious about the big ticket capex items(roof, heat/air), what is the harm in purchasing these types of property?  

Which I go to Europe a lot and would have a way to write off flights ect.

@Alex JohnsonHere is how I am doing math for my rental property.Inflow of capital:12 months of rentYearly appreciationOutflow of capital:Cost of capitalExpensesReserves for long-term, big ticket items.Vacancy - lost rent (1 month)To simplify the matter, I take the properties current value and at 4% rate, I just calculate the cost of capital.

. :)  The reality is if you were seated next to Alex on a cross country flight by the time you landed he would have you in 3 deals  !!! 

Bigger Pockets is your golden ticket to great success.