I have been studying and cramming information about investing in real estate and I am deciding now is the time to take action.

Also, if there is a Coinsurance Clause you need to have a limit that adequate or you could face a penalty.

In my limited experience foreclosing, we had to hire a lawyer and give different kinds of notice to our tenant & then buyer, publish in a local newspaper, and *not* earn several months of rent, plus we had to spend money  to repair damage that the disgruntled tenant buyer caused to a newly renovated property, while on the way out of said property.  

@Vincent Meoli - while they don't track the auctions, and there are some other limitations, RealtyTrac is likely the best provider in your area at this time.

@Alexander Nason - it may also be worthwhile looking at a Fannie Mae Homestyle Renovation mortgage: https://www.fanniemae.com/content/fact_sheet/homes...Homestyle loans require a higher down payment for 2-4units and loan limits aren't as high as FHA in some areas, but I think this could be a better option long term if you can figure out the remaining down payment:No upfront mortgage insurance premium (1.75% on FHA)Cancelable mortgage insurance (once you reach 22% equity) We bought our 4-plex with an FHA loan and it has been incredible - 3.25% interest rate and 3.5% down on $700k would be really challenging outside of FHA, but my mortgage insurance is almost $600/mo. 

I will study the forms.

You must study your local markets to determine the answers.

And they'll create a feeling of scarcity by saying this deal is only good for a limited time or for the first N people to sign up.

An LLC is not just to limit liability from the inside, it can also protect your assets inside the LLC from personal liabilities you have outside the LLC. 

Studies have shown those making at least 3x the rent are less likely to default in rent.