Alot of unknowns as you don't have the ability to walk the property beforehand, but interesting process, and pretty good deals exist there.While the Trustee Sales are cash purchases, there are many hard money options that can turn over the funds in time for the 24 hour funding required to complete the purchase.If you are interested, let me know and I can go into more detail, as well as make some other suggestions for you to consider. 

During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title. 

End his lease, and find a tenant willing and able to pay market rate.

You may also avoid the seasoning requirement on a rate and term refinance. 

Although the Joshua additional demand is smaller, it is closer to DFW, which means its rental rates will be higher. 

When you finance through national lenders, in your experience, is a balloon a common requirement for commercial loans of this nature or is it possible to get a fixed rate for 30 years?  

Occasionally I'll see properties coming on the market where the seller has a VA loan with a low interest rate.  

For lending, your rates are going to be higher than if you were to buy under personal name.

I suggest keeping track of these key features which range from cap rate to, cash flow, ROI, and asset comparison.

He did try to work with me by extending my time from 6 month to a year which led me to ask him question about his turnover rate and success rate of his mentee.