I self-manage, @Fan Bi, with a regular man to do lawn, trash, and minor repairs, and a contractor for other items. 

2)  If property was sold either by a traditional sale or a short sale, the second lienholder would have had to be paid off to clear the title Is this correct?

A good management company can stay on top of these items as well as the day to day operations.

I am looking to purchase a home through auction for my family and I and the details are as follows:Wells holds the lien and there are no junior or other outstanding liens.It was established in 2011 at 175k and the property owner stopped paying over the summer so I think it's in the 161k range for what's left on the mortgage.In talking to Wells they said that they were not listing the property for auction but the owner was... yet Auction.com lists this as a foreclosure property.My father would partner with me on the cash for this deal until I can grab my traditional financing but he is worried about being on the hook for more than we expect.If I have checked with my recorder of deeds for any extra liens or overdue taxes, sewer bills, etc, can I be on the hook for anything more than my bid price if I win? 

Intrested in learning new non traditional ways of buying real estate.

I am starting a rehab snd want to make sure that I have certain items in place for my contract as well

You would need to speak with a mortgage broker to see if this can be done via traditional loan.

Its a long road.Based on your post, I'd recommend finding a regular job in the industry, something with a traditional salary or hourly compensation, and saving up.  

Furthermore, I've found a (traditional) buyer who's highly interested in the property and agreed to enter contract with me at $95,000.I am trying to figure out the best way to bridge the gap between the seller and my buyer.  

In the end, I got alternative tenants at the same price (2100/month) who pay the traditionally  monthly way for a 1yr lease with no pets so I'm sure the hardwoods will fare much better.