Unadvisable.If this is just an exercise to practice evaluating a potential purchase, then there is no harm done, but I wouldn't recommend putting any money on the line at this point.

The lender might be first in line to collect overages of course, but that is different from being first in line to collect the payoff from auction proceeds.So maybe you should really sit down with legal counsel practicing in that state to get a clear understanding of this.

BP--I'm looking for best practices on safety measures to reduce crime, breaking and entering, etc.

Due to the financial crisis of 2008, brokers that were involved in unscrupulous lending practices and the major depository banks that over leveraged their lending powers were specifically ordered to cease or correct their lending practices.

The lender wants to use an appraiser that is based in UT.My question is - does this sound like normal practice?

If someone with practical experience could weigh in, I would appreciate it. 

But the REI that practices the buy and hold model will do well, and rental rates will go up.

That said, there are guidelines and "best practices" in the RE investment community. 

Good to know.Is it standard practice to enter a home office deduction on a Schedule C when my properties are on Schedule E? 

But wait theirs more...While applaud your passion I don't see the practicality of trying to market a flip based on a perception by a few purchasers of added value.