We have many quick rehab deals reappraised and refinanced after the work is complete without much seasoning, usually around 90 days.

In 2020, it came to a near complete stop.Banks go through the foreclosure process typically taking 4-8 months.

It sounds like there is no upside.

It's a dishonest promise.If you are in foreclosure, it sounds like you are either there or headed that way,  what you are encountering is a "foreclosure scheme" they are illegal in most places and for good reason.

The other part sounds like it was a rehab and now held for sale, which does not qualify for 1031 Exchange treatment. 

Determine at what percentage of completion you'll pay for work done. i.e.

Still no estimate for completion yet.

Just ensure to complete necessary due diligence - this can include, but is not limited to, title search, property inspection, appraisal and/or survey. 

I have them tell me how long a project will take to complete, and then I add buffer days or maybe up to 2 weeks, depending on how long / complex of a project it is and potentially accounting for weather if it is outside work.

At the completion of your due diligence, you have 3 choices; accept the property as-is and move to step 4, reject the property and walk away, or ask the Seller to correct any items that you request.