. $900k does not strike me as near the forever top end of the pricing range for the property you describe if it is Downtown.

They are still out there if you are patient and able to strike when the opportunity hits.  

Since I am just looking for one or two properties to get my feet wet, I'm hoping that lightening will strike and let me enter the market.  

That is the first strike against the deal.You will also have a difficult time with this as from what I have seen on properties in Maryland that I have gone after as short sales, the banks are not forgiving the debt and making the owner still responsible for the amount due.

Denver has a lot of opportunities and it sounds like your ready to strike.

Maybe that's leave a door note, knocking and striking up a convo (just did this), or getting an address to mail a letter.  

It is also sandwiched between 2 of the most successful restaurants on the island; connecting the parking lots and charging the neighboring businesses for after hours use could bring more revenue.I'm trying to understand what a reasonable cap rate and market price for this property would be, re-assess the risks and understand actions to mitigate those risks, and potentially explore this one further given that a strike price hasn't been met yet.thanks again for everyone's input, and appreciate any additional Erik

Typically, if you purchase a foreclosure auction property and contact the entity holding the lien and explain the situation they may reduce or strike off the foreclosure-lien held against the property.

The last thing I wanted to say about real estate investing is don't give up your day job and always make sure you will have cash to carry you through if disaster strikes. 

I've also considered getting my contractors license again to find ways to profit doing construction projects.I'd love to strike up some conversations with people and network in hopes of making some moves soon.