I have a lot of experience in evaluating homes and the many problems they can have.While I don't mind evaluating home structural component problem I am no longer into fix and flip (on a regular bases) because I don't want to deal with subcontractors or have my own crews to manage (unless I learn to speak Spanish) to rehab houses--I'm bored with that.  

Neat pics and project....you have some "vintage"  mid century components...

It is up to a bankruptcy trustee and judge to accept an offer.Here's an article I found: http://www.findwell.com/blog/buying-a-home/buying-...As far as seller receiving money from sell price higher than payoff -- my opinion is if the house is foreclosed upon, and the property has little value other than land component (highest and best use a house tear-down), there is no guarantee the bank will sell the property for the full value of his payoff, especially considering the bank could sell to an investor at a discount, such as you were offering.  

Key components of property management (leasing and renting) are considered real estate activities under existing Wisconsin real estate licensing laws.

If you exclude the component of refinance in your personal name, your IRA can also do a cashout refinance so long as the loan is non-recourse (i.e. you cannot provide personal guarantees).

Take a close look at the reserve study and determine if the association is replacing components as needed or deferring maintenance.

It has all the components to make this a very dynamic market for years to come and believe once you get here, you will do awesome. 

Where is the value add component?

What I think I'm going to is attach this addendum I found online that specifies I'll be sub-metering the two units using option (b) formula based allocation:"If a Utility Bill is sent, each Utility Bill shall be based on either (a) an estimated or actual reading of the sub meter for Resident’s Unit, OR (b) the previous month’s actual bills for the Utilities for the Property allocated to Resident pursuant to an allocation formula based, in whole or in part, upon at least one or more of the following components: the number of Units at the Property, the number of occupied Units at the Property, the square footage of the Unit, the number of occupants in the Unit, and the number of bathrooms in the Unit.

And of course, they should have worker's comp on themselves or if your state allows, a waiver.