I bought a foreclosure at our county courthouse steps that Auction.com conducted in late November 2016.  

Many of these people will take the plunge, but as I would expect, probably most will not, after conducting their research.

@Leo Kotschenreuther - To your question about what you could have done differently, I would answer perhaps conducting more thorough research about the city/town/neighborhood you plan to purchase your out-of-state (OOS) rental. 

It's crucial to conduct thorough research and seek advice from real estate professionals or financial advisors before making a decision.

Dear “insert name”Once you have moved out and returned all keys to us, we will conduct a move-out inspection.

So long as people pay as agreed, nothing is required to be said.While there are many requirements, generally, the beauru looks initially to how much business you conduct, so if you were running a retail pottery shop and financed purchases and had a hundred customers a year, you wouldn't be picked up, but as a mortgage company doing a hundred deals a month and servicing loans, that's enough credit inquiries for it to be profitable.And there are two inquiries, an in-file that gave current status and a loan'mortgage credit report, where accounts were verified and updated on a new report....that will cost you.

Some insurance companies might deny a claim if they found out an accident occurred while a vehicle was being used to conduct business.It can take time for a corporation to build sufficient credit to purchase real estate and even then it maybe necessary to personally guarantee it.

If you think what I did was wrong or unethical, please tell me how you would have conducted the transaction?

The minimum bid that the sheriff will allow is costs - the cost of conducting the sheriff sale for that property (basically) because the sheriff gets paid first :)But you can bid in the next bid increment that the sheriff will allow; that would be previous high bid plus $500 in my county.

You will have the opportunity to verify and conduct due diligence on the tenant as wellDeal returns are  35%/yr and/or approx $25225 per year Tenant option down payment total approx 5% ($23,000)Tenant is determined to purchase house in a 2 years time frame from you at a price of $480,000 Aug 2015 appraisal confirms value to be $460,000 and landlord is willing to sell at the appraised value of TODAY if it checks in lower than $460,000Landlord also willing to hold back 5% second mortgage if required to minimize cash investmentLooking to close before Feb 28, 2016 or sooner