New to flipping will mean 12-14 percent and 2-3 points right now from private/hard money lenders if you have no experience.

You need to know that Single Family Houses do not make Money, unless you find some Special Circumstances.

I know some investors are fine with losing some money each month, but I prefer to have some cashflow.  

You can offer to lend the seller money to stop the foreclosures. 7 or do a lease with an option to buy - making up the back payments that would be considered you advance lease payment.Always look at the property if you have intentions of bidding at the auction (this can be tricky because you need to do that with the owner's permission - do try to build a rapport with seller  - also look at the foreclosure suit to find out what the bank is looking for and if there is a second mortgage or other liens.At the court house steps when the auction take place you need to be well prepared with your certified funds but more importantly you need to know the fast sale value of the property - you don't want to pay retail.Get to know your competition - there will be professionals at the foreclosure auction looking to capture some serious equity.

More money in the market means more opportunities for everyone.Active Inventory: A whopping 52.6% increase in active inventory, from 2,717 to 4,146, means more options for buyers and a more balanced market.Despite a slight dip in the percentage of the original list price received (down 1%) and a minor increase in median time to contract (up 11.1%), the overall sentiment is overwhelmingly positive.

That means you are paying money to have someone rent your investment property unless you can rent for another $1000.00.My first question would be what is your equity position on the home?

You should also set aside money as a reserve for vacancies, turnover costs, bad renters, or capital expenditures (roof, flooring, and other big expenses).

Please note I used all the cash from my LA sale (366k after paying off the mortgage) and added my own money to buy the Houston property in cash. 

There is also hard-money lending and in-house lending for the investors as well.

You could very will spend that $50,000 and in the end just have some notes and notebooks and nothing to show for the money?