Here's a few things to think about as well.1) Commercial space takes a lot longer to rent generally, be prepared for it to sit vacant 6-18 months depending on the vacancy rate in your area.

If the tenant is paying close to market rate, leave it occupied and just be prepared to renovate when they leave.

While preparing for closing, the title company finds out that the seller who was being foreclosed upon, sold the house the day before the auction.

I have experience both as a house renovator and 30 years as an attorney preparing and reviewing contracts.

But regarding your own personal residence, be sure you are prepared for the heat of an inland climate.

I'd like to get some advice as to how to prepare; my current plan is to show up the first time just to observe and ask people there for advice, but I'd like to at least research a few properties and do a dry run.

I just want to make sure I'm prepared and able to correctly calculate my decisions in purchasing. 

Are you prepared to take responsibility and add to the situation by solving the problem? 

I say it to prepare those who don’t understand the risk of auctions 

It will provide all the opportunity you need if you are prepared.