@James Wise and @Justin Tahilramani, Good catch on my post and let me correct myself (rookie mistake).  

I'll just be involved in the contract.Please correct me if I'm wrong there.

I dont have much time to find my own deals so thats true, but also because this is all fairly new im not 100% sure what im searching for is exactly correct. i know its going to take time but finding the properties is really hard. 

Any one not paid loses all rights (providing the foreclosure was done correctly).

Now that the city has recognized a sale, I should be expecting a new tax assessment to reflect the latest sale price of 70,000$ correct?

This being the first time I may use this method just want to make sure I take all the correct steps prior the renovations being completed so everything is situated if this exit strategy is necessary.

Chances are you are correct in so far as they are probably building a higher end apartment complex. 

Thanks for the correction. 

it might sit a bit longer but after you fix the problem and offer a warranty that should sooth the fears of potential buyers,   When I am rehabbing a house, my buyer assumes correctly that I have fixed a lot of problems. 

You are correct...this is a great site with lots of great resources and people.