There is a potentially lower amount of capital needed which is enticing, but there is also potential to get stuck with a property with many hidden costs.

There are probably some free ones but they probably suck or give you just a little information while enticing you to upgrade.CLICK HERE for a decent guide.Personally, I think it's worth the money to hire a professional.

That said, if its a true foreclosure auction, they aren't "listing" the property for sale, they are auctioning the property with a bid that meets their criteria, typically total debt or, a percentage of total debt (ie; 90% of total debt) to entice 3rd party bidders so they don't have to take it back into REO.

Obviously, you can play with these terms, however you want, to make it a bit more enticing for her. 

Working with the seller to settle on a win win price and have seen where others have used seller financing to entice the seller with the monthly cash flow of a mortgage payment vs the lump sum at closing and capital gains taxes.

The lower the grade the riskier the investment and the more enticing the returns. 

Any income you can make out of it is better than nothing at this point.Alternately, maximize the benefit of that corner location and see if you can entice a gas station/convenience store owner to put something up there.

Our local Credit Union May be more enticed to provide lending to Investors to allow the market to grow.

I had the money I bought the house with plus $81,000 in my pocket plus the property was a 2 family bringing in $1,600 per month before taxes, gas and water ($400 per month) I was making $1,200 every month , since you are only considering the purchase it should be an easy task to improve the property in a short time to bring back the appraisal at the higher number and roll the second mortgage into one mortgage, one thing to remember is to make the interest rate high enough that it entices the owners to commit to the idea, depending on how much you are paying for the property, think of it in terms of another couple of thousand dollars added to the purchase price. 

The price is enticing, but at the end of the day I would not buy on leased land.