They were interested in the deal, and I wanted to get it done.They proceeded to get the project valued using a pre-construction appraisal (which indicated positive equity of about 10% on our first project).  

I've used a third party site that indicates there are many tax sales/auctions (is there a difference) happening at several different locations throughout the county; anyone know how to consolidate this disparate locations through a single service (website?

@Nabeel Mahmud I rent directly to companies both for profit and non profits that provide care for individuals with special needs. 

Plan for 10% vacancy, maintenance, higher taxes, insurance, cap ex to renovate, reserves, management fee 10%, utilities unless individual metered.

So when reviewing strategies, we must first evaluate demographics which are the indicators of what the property potential could be.

well rounded individual !! 

He indicates this happens about once or twice a week, usually on the weekends, and sometimes for thirty minutes at a time.

Maybe it depends on the individual asset mgr....sometimes they don't have a value and just bid the FJ, and sometimes they bid a reasonable number. 

But like others have said sometimes there are savvy or affluent individuals who are looking to liquidate for one reason or another. 

A negative cap rate might be a good screen since it would indicate either income too low or expenses too high.