I might be interested in paying all cash for it.

If you raise it $100 and he stays you win.

I am hopeful I could under bid and get it at a good deal.I would like to put an offer in, but I don't have enough cash to pay the full amount at auction.

**Construction Delays:** Projects can face delays, affecting your investment timeline and cash flow expectations. 

Leverage- as mentioned over and over again REI wins.  

You can't win unless you play.

But it’s better to ask them up front (like you did) before you waste your time applying if it’s not going to be for an approved use.Also, if you’re just not sure what you’ll do with the funds, you can always say the purposes is “for cash reserves”.

Thanks Filter Criteria- Looking at stable rental income and cash flow positive properties, even if the appreciation gain is not that much. 

Is there a tax advantage if I do a cash out refinance of one of the rentals and buy the primary out right?

$450k is pretty cheap for a Cali so maybe it works as rental (don't know the strategy here) but rental cash-flow could take years to equal $225k tax free.