BP "Find Foreclosures" Clarification

[Heather Scantlin]

Hello BP Community!

I am new to the investing game, we have one property under our belt and are wanting to expand. Because our first property was our primary residence turned rental I have no experience finding the "good deals" as explained in some readings and forums. I was using the "Find Deals" and looking at my local options. 

If something is in preforclosure, do I have to keep checking back to see what the status is? Do I call and hope for the best? 

What about "Shadow Listings", what in the world is that?! There are some great potential properties but what are we looking at here for turn around time to make an offer? Or what are my risks?

Bankruptcy, is this one of those opportunities that I could offer 80% or even less on?

 If someone could give basic definitions for each of the listed "types" and maybe even what to expect? 

Thank you so much!!!