What is the best way to acquire a foreclosure property?

[James Newkirk]

Greeting Everyone,

My name is James, I am an active duty military member currently stationed in Ca, but I am looking to invest in the San Antonio area due to high price of local real estate. Lately, I have been reading up on how to purchase a foreclosed SFH. I have come across a few properties that are being offered for prices as low as $50K, yet the value is assessed at prices ranging from $90-120K. From an equity standpoint, this seems almost to good to be true. I have seen these offers posted on sites such as Zillow, Auction.com, or listed at a live auction on the local court steps. From what I see these types of properties must be purchased with cash or check on scene.

My question is, are there sites that allow for these great foreclosed properties to be acquired through means of financing?  And if I must pay cash and pay $40K for example, is there a certain time frame I must wait before I can take out a loan on the property and  will I be able to get back the full $40K or only a portion?  I ask these questions, because I hope to get my money back out and repeat the process.  All answers are very much appreciated!