That way he wins with higher revenue, higher park value and lower initial management fee.

Always think of the fact that your resourcefulness will win the day.

If no other bid is made and your entry bid wins, most states have a period of redemption and the borrower has to follow certain proceedures, like posting a bond, saying they want to payoff the note.

Sometimes REO will have this available as well.Also, be aware if you're buying as an investor be sure you understand how your Earnest Money is affected should you win the bid then change your mind based on an inspection, etc.

Work a part time job and try to wholesale a few properties, may be slow but you will win in the end. 

If you are going to buy a multi-unit with the plan being to live there then move on w/in a few years, make sure that you like the numbers as strictly an investment. 

If either of them wants to find out, they can look at the docs filed with the county, but if you have done it correctly up front, everyone is winning and everyone should be happy.  

Now if someone was making 50k at their career and can now own a business making 80k or 100k and be their own boss then it might be a win for them.If you already have a business making way over that then it's a downgrade in income for time.

Also, I bought the thing for a decent price, and although it cost fully $100 per square foot to rehab and add square footage (from 950' to 1600'), the contractor is taking 10%, there is the feeling that I got some instant equity by having decent/modest numbers and not having to spend $25,000 on the costs of sale if I don't sell through two agents and the attorney and all that.So my question is, are there any thoughts on holding vs. loosing this property?

In the late 90's I was a low ranking Active Duty Air Force enlisted member, and I was working in MIL Intelligence, One day, after watching late night TV I purchased a Carrolton Sheets course (How to buy properties no money and no credit) and six months later I was i was buying 2-3, 4 properties in middle class suburban areas, with no money down, $100/ cash flows and about 10-15% instant equities in each home.