At the minimum, you should have copies of all the current leases (you will have to honor them) and a record of the rent roll (does everyone pay on time?).

I agree a lot of people have little to no savings, but until pitching tents for permanent living quarters becomes popular again, I am going to roll with providing houses for rent :)

They are on commission onlyWhen you talk to the owner of the auction company, let them know that you are actively involved in real estate and would they consider hiring you on a part time bases and pay you a commission for every transaction you bring them.Make sure you have something in writing as to the amount they will pay you.Ask if you can become an auctioneer associate, ask if they will train you and if you can your their facilities to help get leadsMy auctioneer associate's average earnings is about $90,000 a yearUse the Control and Roll system to increase your income.......that is control a property at a price that you feel you can sell for more, put it up for auction (while working for the auction company) and sell it for more, ( Example: your contract offer ----with special clauses and disclosures---is for $100,000, you book the property with your auction company and sell it at auction for $115,000, you make $15,000 equity plus 25% of the buyers premium commission paid to you form the auction company. 

@Dan Mackin thanks for the info about garbage being rolled up into property taxes.

When are you rolling out the flip app?

I got good advice based on the roll of the dice i chose to play by proceeding with the FC.  

For those of you who are new or those of you who are looking for a better partner to work with, perhaps @Zack Lofton from Loan Ranger Capital can assist you.I first came to know Zack via the "Texas Roll Call" forum post.  

However, all my liquid funds are tied into it and I'd like to tap into those to get rolling on another project and then sell the home in a year or two when it has gone up in value a bit more. 

Get those goals written down for 2016 and lets roll.

You close on the investment property, but now you have this $100k HELOC that is either an ARM (which makes you nervous) or at an ugly fixed rate (which you don't like).Now...Primary: owe $300k on 1st, $100k on HELOC, worth $500k.Investment property: owe $281k, worth $400k.Even if you go to 75% LTV on the investment, that isn't enough to nuke that HELOC debt.However you could refinance the primary, rolling 1st and HELOC into a new first lien at $400k and 80% LTV.After you close on the investment property, make sure you don't immediately blow an amount of money left over that your lender will want to earmark (but not touch) as "6 months PITI reserves" on fixing it up.