Without my degree I wouldn't have my job earning a solid W2 and providing retirement and insurance benefits for my family.

If you do not pay at closing of auction you will be liable for 20% of property value plus fee's.You will receive a sheriff's deed without warranty, you may not be able to get title insurance on the property.

Neither the other driver nor their insurance company can demand that they are only responsible for paying you, if you get the bumper fixed. 

I come up with negative cashflow.Income & Expenses (Annual)Gross Annual Income: $24,300 Insurance Expense: $1,440 Gross Annual Expenses: $2,120 Gross Inc Multp: 11.32 Net Annual Income: $22,180 Capitalization Rate: 8.07% Taxes: $3,761 List Price: $279,900 The above is what the listing gave me... using std 4-6% interest over 30 years I keep coming up negative.

Is that your tenant's attempt to  document neglect for future litigation? 

Just say that your insurance carrier wants you to do a safety inspection and to provide updated pics of the interior since it's been a few years. 

I run a real estate, mortgage, and insurance brokerage in LA and am always looking to connect with other investment minded individuals.

I noticed a lot post say I need a LOI, Lease and separate Option for the Seller. What is the reason for the Lease and Option?If I am only assigning the Option why do I need a Lease signed between myself and the Seller...

You want both a title search and title insurance.

I brought a cashier's check (I think for 5K) for the down payment and signed all documents right there.