I did that mostly because of convenience for my wife and proximity to the airport.So I'm invested in an area I know well (and intend to retire to, actually) and that is even after my move close enough to visit very frequently.

When you are done buy another one and repeat.

Cathy,I am a real estate litigation attorney working out of Sarasota and I represent parties purchasing tax deeds very frequently and on a statewide basis (10+ a month). 

She called me slumlord frequently and was pretty quick to change the subject if it came up.  

I'll admit i repeated my question once, but not "over and over again".  

I'm planning to use the Buy, Renovate, Rent, Refinance, Repeat method outlined by Brandon Turner.

I know these auction sites bids/offers seem to fall thru frequently on the REO's. 

If engaged in on a regular or repeated basis, the gains from such a business activity are taxable even to a tax exempt entity like an IRA or other non-profit - the reason being that the entity is competing with other tax-paying businesses.  

Quick and dirty, my way: buy property for cash, rehab the property, wait 6 months (or if a great deal comes along, do it now and leave some cash behind), refinance for 75% of appraised value - which, if you have done it right, is more than your cash - get your cash out, leave the increased equity as your new cash and have a fixed note, repeat.

You will meet people that you cannot believe remember to breathe frequently enough to sustain life.