I want more experienced real estate investor’s guidance, opinions and ideas on how to go about it.Below are some of the tasks that I am planning to undertakeFinalize a state/county/city/Neighborhood – How to I arrive on an area (GDP, Population, Employment, real estate growth or any other criteria) ?

If your market is similar to mine, we would have a ton of petition on this.  

He's also an all around real estate attorney and I believe is the guy who drafts the docs that the WI Legal Blank Co sell that many in WI use for their leases, etc so I'd sure think he's well qualified for your need and even if someone who knows pretty well what to do is say $100 cheaper, I'd pay the extra $100 for Atty Petit in a heartbeat and get papers I know darn well should cover my a** in ALL situations!

IMO $100 cash flow is a little low maybe with the down payment money you have look into a multi family which well cash flow a little better and be easier on you when vacancies arrive.

Another lawyer ***** that I the displeasure of closing with, she chose a time for closing one day, and when I arrived, she was at lunch, she berated the staff in front of me for stupid stuff, really struggled with the power of attorney we have used for years (made by another local lawyer) and ended up writing her own power of attorney - That she wouldn't even let us keep hold of???

Maybe you could give us your expected numbers and you can explain how you're arriving at that expected cash flow.

At the same time for the new arrivals from back east with kids, it just doesn't appeal.

I would email them a holding agreement and have them sign it and deliver it with a holding fee equal to the full security deposit and first month's rent, then sign the lease when they arrive.  

You might be able in a better position than many others to either buy it from the estate or assist the estate in finding a viable way out of the foreclosure by a) buying it from the estate or b) arranging its sale to an investor (and hence earning something for the efforts).There seems to be some equity there to work with initially, assuming there aren't any other creditors with claims in the bk petition.

I feel that I'm arriving a little late to the BP party, but better late than never, right?