In NE Florida, jax, all auctions have gone online, 5% down, 95% rest is due noon the next business day, via cashiers check, bag of cash maybe..the big boy players store their 100% full cash with the court account already....ive also heard local escrow account will wire that morning too, which makes sense, .......Im interested in auctions, but until i am 100% all my own cash, i feel it is almost impossible to get a hard money lender to move 95% of the cash by noon the next day...no way.... to me, you can pretty much rule out using hard money all together to fund online auctions...they don't seem to go together.. it is 100% liquid own cash or private money ready to wire from escrow..

@Bill Ernst Thanks for the info that helped alot, But also I want to start small around 50k, the homes here In the detroIt area are pretty cheap.

I am pretty much a newb, this was my second deal and I was just happy to get it, but I've continued to have this nagging thought in my head...

I've told the landlord that I will not sign the addendum and he is pretty peeved.

Pretty much everyone else is looking for the exact same thing, there is no magic goldmine. 

@Brett Barton that's a pretty old article.

With that being said, it doesn't have to be the home of my dreams once the contractor signs off, I'm pretty handy and really enjoy projects. 

pricing these days for HML is based on experience  No experience pretty expensive  ..so in my mind first few out of the gate I would do this with an equity partner safer and less frustrating than trying to go HML  once you can show a few successful flips under your belt the HML route will be easier and less expensive..

This is rare, so most people will use some reasonable number to account for occasional loss of rent (5%-8-10% is pretty common).

Seems like your COCR would be pretty good especially since there's been Capex and repairs made over the past few years that you probably wouldn't have to do for several years...