I did a few and someone turned me in :) and sure enough I got a cease and desist and had to pay a fine and spend 20k creating what State of Oregon  calls a Real Estate paper offering !!.  

If you can provide us with specifics, we can offer some advice.

One day miraculously an offer of his was accepted.  

I welcome any tips or suggestions that will help me get started.

Currently, we have them in a money market savings account, but I believe there are better options out there that offer higher returns while still being liquid and low-risk.I'd love to hear from other operators:Where do you park your reserve funds?

Would a VA loan only work if you put in an offer before foreclosure or after the bank buys it?

Furthermore, I suggest to anyone trying to do a BRRR that you need to do the entire thing in cash. 

The best thing I can suggest is to call around to local banks in your area (at least 3) and ask them if their bank can do this for you. 

As you'll see in the other forum linked above one of the suggestions was to notify the tenants that they will be responsible for 50% of the water bill.Another thing to consider, I'm not sure on Columbus but I know certain municipalities do not allow you to charge for a utility if it is not individually metered.

After a few months the seller actually came back with an offer that worked great for all involved and we put the deal back together.