.• I’ve spoken with Sophia from BiggerPockets as a starting point and have watched a lot of YouTube videos, but I need guidance on taking the next steps. 

I think my first step is just to hit them back with a long list of questions trying to figure out why they are even interested and how it would make sense for them.

Here is how some steps are categorized.Performing Loan30 day lates90 day latesAssignmentNotice of Default VA loanNotice of Default FHA loanNotice of Default Conventional loanNotice of Trustee's Sale/Notice of ForeclosureLis PendensContinuation/PostponementLoan ModificationReinstatementBankruptcyAuctionReal Estate OwnedThere other possible steps, but these are what you will typically see.The key is to know what you can do in each of the steps in the state the property is in.Then you need to know what to avoid and what the options are for the owner and options available to the lender.

hope it works.. but throwing in the affordable housing requirement a lot of times kills the project right there.Also at least in markets I have worked the time lines START from completed submission.. you make your submission and then get an incomplete letter this goes on for months and months soo time lines still extend.. but at least its a step in the right direction hope if works.

Inheriting it is the best option tax wise- because it gives you a step up in basis to the property's value on that date. 

I’ve been involved in the investing side and now taking the next step to grow my knowledge, expand my network, and help others do the same.Looking forward to connecting, learning, and sharing insights along the way.Drop a comment and let’s connect!

So I've been a member since February 5, 2021 but I never finished the "new member steps".

The IRS has challenged simultaneous "drop and swaps," so allowing some time between these steps is advisable.You hit this right on the head with your answer with TIC.You could also potentially do a Exchange Post Distribution (Swap and Drop).

Step 1: Ensure you can get financing (is it a cash purchase or will you need a loan). 

Step inside to discover an open floor plan that flows seamlessly into an enclosed bonus room, perfect for entertaining with a full bar and chimney.