Sounds like you are fairly experienced.

Foreclosures are new to me, so I am hoping to get some insight form more experienced investors:I have located a property with favorable numbers that is listed for foreclosure auction in about 10 days.  

Greetings BPI just picked a a huge 9,000 sq ft vacant lot in the city of Orange, near Santiago Community College, its a very nice part of the city, in the canyons, a lot of beautiful and expensive homes along the hill...

This post doesn’t pertain to real estate investing per-se, but I realize a lot of people here might have experienced similar situations.

As Jim stated, getting some income and building a good credit OR you can JV with an experienced rehabber who has good credit. 

The best part about BP is learning from all the other experienced folks out there.

Dallas investors-I'm interested in seeing what an experienced investor would estimate for repairs on a 5b/2bath house in East Dallas (MLS # below).

Also understand that brokerages may requirements for their agents, like wanting only experienced agents.  

Experienced local investors can make money there, but unless you have an amazing PM you're probably asking for trouble.Raytown, east of the zoo, is a much better area.

@J ScottI am not nearly as experienced as you are so I assume this exists in another market but so far I have not seen it to such a great extent:1) Because vacancy is almost non-existent and costs are so high I have seen people do things in NYC that are probably not as prevalent elsewhere.