Plenty of work, but opportunity too if you work it like a business.Remember, most places you will need cash on day of auction.....typically no financing available.....you probably need time....time to attend the auctions....and some real estate experience and expertise to work thru a myriad of problems these properties often have....you have to be resourceful....I can tell you for example I network and interact with plenty of board certified real estate attorney's ....and trying to find one to write a redemption deed....none of them had ever done it....many not sure they wanted to do it. 

They are hard to find in my market, and not as practical as a live in flip.

If you practice and train, it is not so tough.

I'm targeting small commercial multifamily deals (5-20 units) with a bias for creative financing to try to capitalize on my personal expertise on finance and also try to mitigate the challenging environment for traditional bank financing.

Practice connecting by reading and posting more while you wait for the next REI meetup on the calendar!  

Out of curiosity, what expenses do you use to find the max purchase price using something similar to the 70% rule or whatever other practice you use to find the max purchase price?

Yup, this would be the best practice.

Financial IQ is made up of knowledge from four broad areas of expertise: Accounting Investing Understanding markets The Law A corporation earns, spends everything it can, and it taxed on anything that is left.

I don't have the legal or underwriting expertise, myself. 

The market rents are a valid source of income to list.Other than that at the moment,  the previous replies make practical sense.You might look onto FHA loans also, but I am.not versed in its application to multis.Much success!!