I will definitely be learning everything, however we are trying to flip these deals fast and it's my objective to make them go smoother and happen quicker.

The property is in sore shape, with numerous vacancies.

So if it is worth closer to 100k for 4k of work, than I would want at least 90k, if I was going to lose my cash flow (my key objective). 

This is one of the three areas that I am struggling with objectively qualifying vs. subjective interpretation.  

@Mike D'Arrigo Again, I cant thank you enough for proving direction through numerous fora.Thanks again.Ndy

I own numerous rentals and a coupe vacation rentals.  

At the end of the day we have to make it function like a business, keep the tenants happy and keep the owners from getting sued.It's a relationship business not an object business.

I'm yet to jump into my first rental, primarily due to analysis paralysis and past deals being under contract falling through due to numerous reasons.

I do not plan on doing a or b above, but trying to learn and understand.Side note: I do have a tax professional I plan to use next tax season, she's not a CPA, but she comes recommended from a local investor who said he used her until he ended up with numerous properties and a S-Corp and stepped it up to a CPA. 

These auctiona are extremely competitive with a number of knowlegable and long time buyers bidding against each other and sometimes against new and unknowledgable buyers.The inexperienced buyers often end up with properties next to the property they thought they were bidding on, with numerous liens when they thought they were purchasing free and clear, with first liens existing, with a huge amount of taxes owed, and with properties in the floodway, etc.The opportunity in Harris County is that the auction process is so haphazard and unorganized that even the "pro" buyers can't be everywhere all the time.