I suggest you get a copy of either the "REX Report" or "Roddy Report" in advance as they will help you navigate the fast paced auction that will take place. Also, I suggest going to an auction first before showing up ready to bid so you can get a feel for how it works. It's an organized chaos and you need to understand how the process works and suggest you speak to some of the other bidders to learn from them about the process as well.
Not many properties actually get sold to 3rd party investors in these auctions based on my prior experiences with the monthly foreclosure auctions (in Travis Co.) ~ maybe up to 3-5% of the total listed properties. The Banks tend to buy up most of the inventory.