Bump into a potential wholesale while out jogging

[Jason Wu]

Okay so my fellow BP friends.  I might need some insight what direction I need to take from here.  Here is the story....

I was out jogging one day and decided to take a left corner on a routine run instead of the usual straight run. What happen next is textbook style driving for dollar.  I bump into a rundown house on a big lot in an excellent area, located between two great high school and very desirable community.  The drive way is full of weeds, old newspaper thrown over, no cars parked, no window blinds, and all the trees are untrimmed.  I was lucky to ran into the old folks who is living next door; a grandpa, who knows a thing or two about the problematic property.

He has told me that this home is under receivership, and that the appointed new owner is hundreds of miles away from there.  The grandpa also hope that someone would remove the owner of the property because she is not cooperating with the city and is getting complaints from the neighbor about neglecting to keep up the property.  I also see evidence that the newly appointed owner has been working on the property to try to fix it up to comply with the city code but it has been taking over 2 years and still hasn't fully finished.  All the facts I see shows me there is a chance that the owner could be in distress.

I am trying to map out a plan of actions as this looks like a diamond in the rough for a beginner like myself but my questions:   Can I wholesale receivership properties?  Is it a good idea to pursue this?  What should I be aware of? How to I calculate how much would I offer for this property?