So if for example, final bid is $10 million, then you have the first chance to buy it at $10 million.

But, it is very situation specific.On one of our REO purchases a while back, at the closing table we were informed by the listing agent that we were actually outbid to the tune of $4,000, but because we submitted an all-cash offer (and the other, higher offer had a financing contingency), the bank went with our offer - the bank was very motivated to close the transaction.Good luck!

I was swimming in daily multiple e-mails until I kind of finally was able to unsubscribe.  

Finally, the application fee is a fee with multiple components:Paying the tenant screening service for their time, data, platform etcYour time to process the applicationAny compliance time associated with the application [for example the FCRA letter]Paying for the shredding service to come in and shred applicationsand it goes on..Why should that be refundable?

We are just about to finalize a new location, as the Fairfax location was really bad when it came to parking.

Finally, I would simply like feedback to see if I am getting into something I should not or should I go for it.

@Guy Gimenez and @Erik Stark are absolutely right - it really comes down to what you bring to the table.

But I finally found a community of folks from all states, all ages, all religions, all sexes (all 5)...Who share the same passion!

After owning a job and working for others, we are finally ready to learn from others with real estate investing done the right way. 

We will be working with an attorney to get a partnership agreement finalized and signed.