I do see the use of requiring a minimum credit score because you can minimize your risk with someone above a certain score, which gives insight into how well they manage their money. 

Association fees are minimal. 

The IRRRL sweatshops don't have appraisal departments, don't know how to calculate income, don't underwrite, don't even have to run your credit if they don't want to, have minimal compliance expenses, etc etc.

Without going into too much detail, I hope to get at least $20k in instant equity because I won't bid any higher than that margin and assuming minimal rehab costs because I've seen interior photos.

He doesn't even list his PA contractor number on his marketing material (indicating that no one had ever seriously gone after him for breach of service, so he's never had a lawyer yell at him for not having that info up on his marketing materials, as he's required to by HICPA).

At this point, I don't know enough about the note world to see if there are payment patterns that may indicate needy vs coasting or some other possible indicator.  

What we are looking to do is have several LLC's established to separate everything and minimize exposure.  

You can find information about the properties to be auctioned at this link:  http://webapps.sirote.com/foreclosure/default.aspx (you will have to go to the second page and select the date and the county)  It will also indicate beginning bid amounts and the time the auction starts, although once the auction starts, you will find that the auctioneer is very flexible.  

Now on the other hand, if you're just going to tie this one up with $100 earnest money and try to wholesale it, then your risk is pretty minimal.

Like what @Brie Schmidt and @Ugochukwu Opara said, focus on developing a good cap rate indication from the market and then apply it to the subject's net operating income.