> auction, where there aren't many bidders. and where there are many bidders, there are likely people who do this for a living and know exactly how much the ho

> auction, where there aren't many bidders. and where there are many bidders, there are likely people who do this for a living and know exactly how much the house is worth, how much it will cost them to fix it, how much they can rent it for etc. AND they have the professional network in place for all of that-- relationships with contractors, etc as another poster pointed out, it essentially becomes a job. and you will be competing with people who do this as their full-time job, who will likely have more experience and better connections than you.