There are many avenues and knowing your strengths/weaknesses and resources will assist you in choosing what route you'd like to pursue.

Yes, all this information helps, I really wasn't thinking of going the "auction" route, but for this house it seems its the way they're going.  

Every time an applicant hands you a check (or you write a check), the bank account information in regards to account number and routing number is right there at the bottom of the check.I don't need to know credit card numbers but even if an applicant doesn't want to tell me their bank account name/number the first check I get from them I enter this information into their folder just in case I might find myself filing for a bank garnishment on them sometime in the future.Gail

You may have luck wiht a short sale, but short sales take on average about 6 months to close, so if that is the route you want to go then be prepared to wait- and also be prepared that the deal does not go through. 

There are at least 5-6 real estate investing groups in DFW that meet on a regular basis, although some seem to be more about single-family investing.

Going the waiting route is tempting and I could use the time to find a deal or distressed home.Thanks again,Scott

Except you may have to evict on a regular basis, which reduces the net.Tenant Selection Criteria=The kind of tenants in low class property open the door for way more issues beside just the numbers.The only time I buy property in a low class area is if the ARV (Equity has to be substantial) and the cash flow on only 50% of the units meet my ROI.  ...and on a side note, as a Property Manager, you will be charged more than 10% on Class D units (Either in the monthly percent charge or in fees: Trip Charges, Evictions, Make-Ready, Maintenance, etc.) 

He works at a rental management company that handles lots of college rentals.He would be able to point you in the right direction.He would also be able to lease and manage that property for you if you wanted to go that route.

As long as they are balanced (depending on your ideal mix), we will keep them forever, or 1031 to another bunch to use the tax write off as long as we can - then pass them to kids with step up basis when we kick the can.We use PM so it's paperwork, regular check in with PM, and once in a while city visit.

I think I probably will take that route.