They are trying to get ahold of a homeowner to buy his second house which is in foreclosure.

Our neighbors there are first time homeowners - he has a normal blue collar job and she is a barista at a coffee shop.

Up until the trustee sale (foreclosure auction), the home is still owned and fully controlled by the home owner.I’m assuming you’re going to be looking at off-market properties (since loan status isn’t something they advertise on the MLS so you likely wouldn’t even know if it was in default if it’s a listed property).So, in that case, you’d just negotiate a purchase agreement with the home owner and then take the contract to your local escrow/title company to open escrow. 

What are some common structural issues that home owners encounter in Santa Fe?

All the same permits and inspections should be required whether the home owner does the work or not.

Many of the area's homeowners own their property as a 2nd home, vacation home, and don't live & work in Santa Fe full time.

I know three people who where scammed as renters of theses properties and Indiana seems not to care that they ripped them Off...home owners too

As home owners, business owners or investors, how are these kinds of trends impacting your decisions right now?

Sellers who do not plan to purchase another home or do not need to assume a new mortgage to buy another home, such as investors, second-home owners, or those with enough equity, are in an even better place to capitalize on the growth seen over the past several years without regard to today’s higher financing costs stemming from higher interest rates.

When picking a place for this, think about how cheap it is, how many people want to rent, the job scene, and rules that are good for the home owner.