The banks are based here, many investors are based here, and so that lends to Charlotte being ahead of the trend.

With that said, you still have options. 1) Speak with some local banks/credit unions to see how much money you could borrow to purchase a place and what % down payment they require. 

Minimum cash flow targeted generally relates to what the bank (small commercial bank) has for debt service coverage ratio requirements.

You can  ask your bank if you have any option to fix the rate when you withdraw the money from HELOC.

Is it likely....probably not.I negotiated many times with hoa’s in short sales, but they were looking bigger losses if the bank foreclosed....depends on the situation.  

Also others have mentioned this also puts a cloud or something on title because even if you sell the property or transfer it to a new owner, the new owner cannot rent the units until after the allotted time based on the eviction reason.If you can purchase a property at a below market rate and evict the tenant for a few thousand dollars and sustain the cost of holding the property, then yes you're going to have some long term appreciation and potential rental gains. 

Maybe they could help with screenings, contractors, etc. but also that's  something I can do online/phone... and if tenants have bank accounts take care of rent that way too.

My next step was to confirm financing by talking with local banks.

@Rita Lo It is very difficult to use a bank when it comes to auctions.

Factoring in the mortgage, I came out at $90.68 (526.27 Net Operating Income - $435.59 mortgage) as my monthly cash flow.So here are my questions:Am I correct in thinking that I can finance $100,000 to cover my cash in, and use the difference between the appraised value and the financed amount ($41,000) as the minimum 20% equity to stay in the property that is needed by the bank?