The first thing I'd do is get a contractor out there to determine whether it's in need of repair.

The bank is likely to be very conservative with the property value and will not likely let you cash out more than 80% of the value of the property as determined by the bank.

Where do you look to determine if there is enough equity?

If so technically ownership should be different.

Pennys types.Your credit score is developed through a stistically weighted computation of different types of credit, not all credit lines are equal, your income is reported on applications, it determines your ability to pay and debt limits, which also are computed, these can bring scores down as well.

Use the name you got from the county tax site (I often print the sheet out, take it down to the recorder's office and use it to jot down important notes about mortgages and other liens against the property) to see if the property was conveyed to a new owner (the county tax site doesn't always post the most recent ownership info - they can sometimes be months behind).

Unless you are a social worker determined to give the world a second chance you need to tighten your screening standards.

The high bidder at the auction receives a Tax Deed, which is ownership of the property.

Any strategy, ownership and taxes, cash flow, management, build up and flip?

From what I understand, the process is that you invest into a holding company such as a REIT (not through the stock market) in the form of $50,000-$1,000,000 blocks and receive an ownership stake in the properties.