What should I do? 2B2B Foreclosure property.

[Mario Rapaj]

What should I do? I have LP on 375 units and I am looking for cash flow deals. Also, I am exploring flips or Brrrr to increase my capital so I can syndicate MF. A house in my neighborhood is pre-foreclosure, I found out through county her in Collin Texas. I want to take advantage of this opportunity by taking over his mortgage (pay what he owes), fix or update and rent the house for a cash flow. Here are 2 issues. I am not sure how much he owns and I am not sure what is the best way to approach him? Should I knock on the door? Should I send a letter? The foreclosure auction will be held at the beginning of September and I am not sure how much time I have or how it works at this point? The house is about 1500 sqft 2beds 2 baths and there are no comps for it (comps I have for 3b2b similar sqft). I don't know how the house looks like if it will be possible to add another room? Any suggestions will be appreciated. Where do I start?