They can give you a general preapproval based on that, but since there are more parameters such as actual rehab costs, a HML Preapproval, which is what you need, is less reliable than a traditional preapproval.

Ultimately, this may work best because it will give you the freedom to rehab the property, stabilize it and then convert to a more tradition mortgage.

My advice if you go multi unit is to go traditional multi unit.Good luck!

Alternatively, if after the auction they decided to list the property with a realtor above the auction amount in hopes of earning back some cash, I would not be able to put in an offer due to all my cash being tied up in the auction (it would be much preferable for me to buy via this more traditional route, as then I would have more regular financing options available, even if it was a bit more expensive).  

You are able to move out after a year, and turn it into a traditional rental and then do it all over again and keep the party going!

@John Cohen almost exclusively single family homes, there's just not a market for multifamily here, most of the ones seen are previously larger houses chopped up, and occasional duplex.As far as what I've seen on the foreclosure lists, they're traditionally decent quality properties, in decent neighborhoods, definitely some potential for ARVWilmington is unique because as soon as you drop the mailing address, the prices are so much better, and the location could be too.

@Justin McElroy Ive found that a lot of property managers don't have an internet presence so they can be hard to find with a traditional home search. there are a few PMs that I can think of in the areas that you just mentioned.

Hello, I am interested in how Bird Dog Finder's Fees are traditionally calculated.

I know this is pretty general question but are there a few traditional ways this commonly work?  

@Camille Johnson, Several have suggested traditional hard money lenders.