The banks come to the auction, or submit their bids, to the sheriff usually in the amount of what is owed to them. 

I usually will hire out one larger piece of the work, like a roof or exterior paint a and do the rest myself.

Also, FHA loans have very good interest rates although you will have to pay mortgage insurance because the LTV is well over 80% (usually 96.5%)

Usually you'll collect some option money up front.

I usually tell buyers that every $10,000 borrowed results in monthly PITI (principal, interest, taxes, & insurance) of approximately $70-$80/month.

But if rental rates are down, appreciation is negative. 

Most people have to use hard money lenders to get financing for flips, and once they’re complete they either sell the property (usually within a year of purchase if everything goes well), or they’ll refinance it into a traditional 30yr mortgage (search ‘BRRRR’ for more on this strategy).Good luck with your first home!

Not only that, you usually need to have owned it for at least 6-12 months (seasoned). 

Right before the Greenville, SC market took off, there was usually some dormancy in the fall.

I got paid off you got the house.. and in those days you usually got 5 to 8 grand back in cash out... now that was too aggressive and when landlords turned the keys back in in 08 to 2012 it was usually those with no TRUE skin in the game..