You'll need to pay those off to get a clear title, and if they're more than the property is worth then that wouldn't be worthwhile.

So, yes, that is definitely contributing to my struggling to judge if this can even happen in a worthwhile way. 

Seems wickedly competitive but worthwhile for a few aspects.

Recently sold comps are what you use.The Heloc will produce the same result.  80% of property value minus amount you still owe (80% x $600K = $480K - $477K = $3K).Therefore, currently your best option would be a LOC.As for your last question I think I already answered it.I agree that the refi may not be his best option for cash out re-finance purposes for the reasons illustrated, however it may still be worth while if he is able to get his rate and payments down significantly from the FHA rate he is currently paying.

I just think it's a big learning curve with maintenance and cleaning and everything so if I'm going to get into it I almost need to buy more than one to make it worthwhile.

Wondering if that is worthwhile to get, if we're buying foreclosures or flips.

The way I was looking at this was that so long as I was in the + column after the refi, and was able to take money out to reinvest into another property, this could be a worth while deal.  

I think a worthwhile followup question is, "What is the difference between Turnkey buying, and shopping for retail property off of the MLS?"

Once brought current, you finish foreclosure from 2nd position and take possession of the property.The numbers need to make sense with the idea of still having enough meat on the bone (equity in the property) to make it worthwhile to hold as a rental, sell via creating a new note via owner finance, or REO sale on the open market.The time it will take to complete your foreclosure in this particular state will weigh heavily on this decision, as you may bring it current, but if it takes you another 8 months to foreclose yourself, the 1st may fall behind again and it may not be worth the effort.

Obviously I am stuck with this property regardless, but my question is, is it worth while for me to still buy a title insurance?