The local jurisdiction determine what the zoning will be for a particular property.

He told me to never go above that pre-determined bid price because auctions can get emotional...

If so how do you fully determine what the ARV would be?

I took my contractor with to the showing and determined the house was basically a gut job.

@Dontrea Riser, I would first check your state laws to determine what you can and cannot do with regards to late fees and interest.

Two most important things to know how to determine are what is the ARV (after repair value) and how much is it going to cost to fix up from its present condition to where you want it to wind up.

Education is important, because it'll help you learn how to determine if there is a good business case to buying a particular piece of property.  

And it's the gain or loss when you sell that determines tax liability.Gain or loss is (generally) determined by subtracting your cost basis (what you paid for the home) by the sale price (what you receive for selling the home).

You should check the distributions section of your PPM to determine what would happen in a refinance scenario.

IN DETERMINING WHETHER ALL OR PART OF THE RENT DUE AND OWING IS THE RESULT OF AN UNCONSCIONABLE RENT INCREASE, IT SHALL BE A REBUTTABLE PRESUMPTION THAT THE RENT FOR A DWELLING NOT PROTECTED BY RENT REGULATION IS UNCONSCIONABLE IF SAID RENT HAS BEEN INCREASED IN ANY CALENDAR YEAR BY A PERCENTAGE EXCEEDING ONE AND ONE-HALF TIMES THE ANNUAL PERCENTAGE CHANGE IN THE CONSUMER PRICE INDEX FOR THE REGION IN WHICH THE HOUSING ACCOMMODATION IS LOCATED, AS ESTABLISHED THE AUGUST PRECEDING THE CALENDAR YEAR IN QUESTION;"  This sounds like you can still increase rent but it will based on change in CPI for the area.