This is my first time attempting to do anything real estate related. 

If your local market has a shortage of open apartments, people may be applying to multiple places even if they aren't sure they want it, in an attempt to secure housing.

The Army, in an attempt to assure me a measure of success, will allow me to participate in an UNPAID internship of my choosing.

The Army, in an attempt to assure me a measure of success, will allow me to participate in an UNPAID internship of my choosing.

If you think you can do sub-2 / reinstate and sell for a profit then you can attempt that route.

I also attempted a flip which was very educational, but not very profitable.  

Can I still step in an attempt to help the homeowner avoid foreclosure or do I need to wait for the auction process?

Any borrower who wants to mitigate credit repercussions likely should attempt a short sale.

I fondly remember my hours spent reading over a hundred pages of the Florida tax code to figure out their system...that's the depth of knowledge you'll need in order to even attempt to accurately forecast future property taxes. 

But, an investor would attempt to buy that same house for (as an example) $200K below market value (value after renovations), instead of just $50K below market value.