Alright, first off, I am new to BP but love the site and the podcasts.  I have been in real estate very passively for the last 10 years (own 2 rentals and bought/sold a few homes)-but I am far from an expert.  I have made some good decisions and some less than awesome decisions and thoroughly wish I would have known about BP years ago...but hey.

Anyway, I am in the process of selling 2 of my rentals and looking to re-investment the money.  I also recently sold my own house (2 year flip) and looking to re-invest the money back out.  I am currently looking at auction.com and considering bidding on a property this weekend.  I have never done a foreclosure deal and I am trying to get much better educated on the whole process.  I am looking for either a flip or a multifamily to buy & hold.  The questions I have:

1).  Is there a odd fees on auction.com?  It doesn't appear to, but looking to confirm.  What are the closing costs typically like?

2).  The liens on the property are washed when you purchase the property, correct?  I know the bank is potentially losing money on the house if the owner paid too or did too much cash out then failed to pay.  When the property is sold, the only lien that really sticks is the tax lien, correct?

3).  On auctions, generally there is no true way to estimate repair costs w/o walking the property, correct?  How do people generally handle this and/or what % or amount do people use here?

4).  I don't currently have an agent in the OKC market (where I am looking), am I being completely silly?  If someone knows a investor friendly agent in the area, I would be interested.

5).  What are the hidden costs that I haven't thought of?  I have thought of repair/re-sale fees/taxes.

I can pay cash for the property.

Thanks for the help.  I look forward to continuing my real estate education.

Chris.