Comparable properties in the area are selling around $1.4m+, and every house in this neighborhood is selling over $1m+, so I figure there's a lot of wiggle room for profit if bought at the right price.My initial problem is that it requires a $100k deposit to join the auction, and starting bid is at $280k.

She rented from me and paid the first six months in rent initially. 

Nonetheless initially had our eyes set on a 165k ARV.

My initial plan was to have all of my rentals be close to me (I live in Ohio), but now I'm starting to consider investing more in Florida.

I'd be looking to do some major renovations then refinancing after about 6 months to pull initial down payment back out.

When we initially signed tenants on, we had a massive amount of interest and found good tenants.

Not a deal breaker, but don't expect to keep your FHA loan and get rid of mortgage insurance if you put less than 10% down initially. 

My initial thought was this would be bad since there could be high turnover and more wear/tear on the property.

The time to buy would not be 7-10 days because the bank is involved but it would make it easier because I would not have to pay as much out of pocket initially.

Does anyone know how I could get the initial 20% to secure remaining 80% / 100% rehab hard money .