Term for Buying at Auction and Then putting house on the market?

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Can any one tell me the term used when an investor buys a home at auction and then cleans it up with no major rehab and then lists it? Any advantage/disadvantage to buying at a discount and then reselling it without major rehab if the numbers work for a particular situation? Can someone help me out?

This is often referred to as "whotailing".  There are many disadvantages to buying at auction if you don't know what you're doing, like losing your entire investment.  The advantage is you can turn a quick profit, and with velocity of money employ your capital over and over again to increase your annualized returns.