The stipulation with conventional and FHA loans say you intend to occupy the the house for at least a year.

I feel like the market here is very tight, and most of the properties I analyze are tight or don't make sense.

the seller has to not need the cash up front to buy another property (or use it for anything else). 

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He said that  he has the 20%  to  put down.

So, after closing costs I would need roughly 55k cash to bring to the table. 

However, I blocked the dates until September 20th to complete some necessary repairs.

From what I've read, all I need to do is fill out a Quitclaim Deed, sign in the presence of a notary, and record it with the county clerk where the property is located.

As for foundation or other concerns about the condition of the property, there's no real way to know for sure since you don't have access to inspect the house before the auction (hence the risk).

Purchase price: $28,000 Cash invested: $25,000 Bought this property in the worse part of town and I have the best tenant in it of my 18 properties.