The website looks like it covers all of this, but I haven't seen a lot of talk about it.

We're talking about FATAL car and boating accidents. 

You are talking about analyzing deals on a spreadsheet only since you want to look out of state.

Evan and Jay talked about other operators doing "Skinny" deals, with not enough in reserves and/or too much leverage.

There is no point in talking to them when they are just hit with foreclosure notice.

I've just been reading Nassim Taleb lately and he talks about this kind of situation all the time. 

Let's talk about it.

Try to talk to a lender or two to get a real concrete idea of what you can do.

But for many people, it is one of a number of sources of deal flow, to add to MLS listings, wholesalers, direct owner outreach, auction, etc.Assuming you are specifically talking about sheriff auctions, just make sure you familiarize yourself with the general procedures for the auction.  

Dan seems to kmnow what he is talking about