That is a win-able argument with the LA county assessor.

That alone is priceless.Another bonus: I also got a private investor on board to pony up the funds for the rehab, so we can move forward knowing we have that in place, whether its this deal or another one.I don't like disappointment, and would still like this deal to fly, but after learning so much on BP I know there will always be other deals, and I feel very confident that I can pull together numbers very quickly with confidence.

If you are new in RE, less than 10 years in the business, don't have a pot to spit in, I'd say you have a better chance at winning the lotery than getting a million dollar bank loan, regardless of what the property is or what it might be worth.Now, if the newbies will come down to earth at say a 100K property, an 80K would be better, a 1-4 property, those are deals that can be pulled down, otherwise, taking this to a million dollar deal is obsurd unless you have the horsepower and experience to own such a property.

Closer to the water wins.  

Contractor B wins the bid and his responsibilities will be pretty much everything because I have a different full-time job.

When the bidder has owned other properties with equity I have been able to reach terms on the existing property that would let the bidder attend the auction confident that funding would be available should they place a winning bid.

Vaulted Master and bonus room 4 bd 3 bath..

The benefit to the owner was that he paid for weekly maintenance on the pool, with the added bonus of having his pool guy report back on the condition of the property.

I don't count on any appreciation...it's just a bonus if it comes at all.

Learn from the ground up and when they see your work ethic and anything to win attitude they might eventually partner with you on one or give one to you to learn on.