I had previously bid on this house twice on the auction and saw it had met the reserve at 140,000 (which was my limit for the house) but went substantially higher before it closed.  

Even though the connotation of that comment may seem as if I'm saying you must know your limitations, the opposite is true too. 

This way (LLC) you can also limit your exposure to any litigation that may come your way from other 3 tenants.

It's nothing lofty, but I believe it is rather attainable, even having small children like I do.Based on what I've read, wholesaling makes the most sense for someone in my position, starting out with fairly limited time and money.

There is no time limit for sending the  notice, but whenever it is sent, the bank has one year from that date to redeem, or the original 3-years set by statute for everybody, whichever is longer.If the tax sale was after the foreclosure, then the bank is treated like any other owner who didn't pay their taxes.Example of overbid and interest cap:  Taxes due are $750. 

Access to apartments must be limited to those authorized to do so, and access to master keys must be strictly controlled.

The limit for an eviction is $1,500 and the October rent is $1,295, not including filing and service fees.

(Just FYI: in the state of Arizona, on a fourplex, the loan limit is $521,250 - significantly higher than the traditional $271K that everyone thinks of when FHA is mentioned.)  

Example, 10 homes @  $100k each, would give you a blanket limit of $1,000,000. 

Also, the limit on a four-unit property is $521,250 for an FHA loan.