How long before an auction would you say the cut off time is for reaching an agreement...or can a deal be struck up until the day before an auction?

-If I'm cutting it this close with trying to dance around PMI, should I maybe just suck it up and rent for another year until I can afford a proper down payment?

Here is a brief list of the planned renovations:Kitchen-Granite Countertops-Cabinets-Tile back splash-Kitchen Sink and faucet-Kitchen lighting-Stainless Steel appliancesBathroom-Vanity/sink/faucet-Shower head-Bathroom lighting-MirrorCommon areas-New front door-New interior doors-Blinds/Curtains-Wooden Laminate/VinylI have a decent amount of my own money I can use after the down-payment and closing fees.

In the beginning I did negotiate and I can't remember a time it went well, the first time they run into a delay they're going to get restless and not want to be there anymore, this is where corner cutting and delays start. 

I found out an interesting deal for out of state investment as I am in CA,as I started to look around I found out OK has a great and stable economyand because of oil findings there are many jobs and opportunities out there including lots of new construction.Please comment on this dealBrand new, not yet build - 270k duplexbuilder warranties3bd 2ba 2 car garage each door1st year HOA is waived, subsequent year is 150 per mo. with amenities gym, cut grass, etcestimated rent 2300 per mo.Property management charges 7% mo. and 700 for 1st mo. rentGreat location, quiet street, 20 min from OKCIts surrounded by mostly sfr 150k+ Deal or no Deal?

In other words cut your losses and you will have a profit.

You aren't "cutting losses" if you throw your hands up.  

I would like a small cut of profeit but the knowlage and experience is what im truly after.

Should they NOT want to sell the home with us - we have to cut ties or wait until the tenant vacates before turning it over to another outside agency.  

I would expect a small cut of profit but as i said im mainly looking for expirence.