It could be possible to still negotiate a purchase depending on the stage of foreclosure it is in. 

I seriously looked into purchasing a few years back in Valencia but decided ultimately the US had more potential.

The primary thing you're going to run into is whether or not a lender, at purchase of the property, will allow there to be a secondary lien on the property.

Looking at making a purchase of a 3 family, was curious if anyone knew the section 8 process.

Any amount you purchase less than you sell, or any amount of cash you take out is considered to be profit. 

The first purchases are likely going to be California, Montana, and Texas.

@Kaleb JohnsonRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I’m interested in purchasing an investment property with equity I’ve developed in my current home, however I’m concerned that if I have an issue renting out the new home it can blow up in my face.

I am assuming that even if you strucutred it with a higher purchase price (85% of value) and pre-paid rent it would potentially still be frowned upon.

I started purchasing a small multifamily in Columbus, Ohio 2 years ago.