Foreclosure to Rental

[Ron Elliot]

Hello Everyone,

I am new to this site and this is my first question. My father currently has a single family property that he is giving to me to start my dive into realestate investing, However the property is about to go into foreclosure. The loan originated with Chase, who recently sold it to Seterus, who is now about to start the foreclosure proceedings.

The mortgage is $600 a month at %2 and the past due is close to $4,000.  My plan is to  get a hard money loan for $30,000 to do small renovations about $2500 and rent it out and take the remainder to purchase another property to flip. 

The few issues I have is I'm not sure of the equity in the property.  There are home in the neighborhood that have recently sold for 125 - 150 but there are also foreclosure that have sold for 35.

I look forward to some suggestions