I am looking to partner with a close friend of mine (we've worked together many times before with both of us in various roles) to primarily do rehabs for LTR and/or resale.

I have found that they worked really well when it comes to getting better tenants and better rents, and having less hassle, less headaches, and then getting a higher sales price; without paying closing costs or realtor fees.

My foreclosure sale date is the end of March 2023 and I will not anticipate getting paid from the sale for another 5-6 months. 

well if I ever make it to the Smokies to see what the draw is  I will rent a condo then :)  I am just guess but I suspect folks that go there want to be in the woods and hear the birds and maybe some local mtn views etc.. or some sort of privacy they never get at home out east were there is not very much public lands close to where they live in the big city. ????

Im literally closing a loan on Monday where my borrower had a similar situation - the borrower's ex-wife was awarded the property and assigned the debt in the divorce in 2020.

Quote from @Conte Cuttino: Property is in C+ area but in a different School district that’s B-If I sale I’ll get 30k profit after 9 months.If I keep as a Long term rental I’ll have to convert the garage into a illegal 1 bed cottage at an additional cost of $35k leaving a total of $107k left in this deal after 70% refi and closing cost.

And that takes time.🚫 You can rely on seller financing to get deals done.A good number of the folks who reached out needed 30% or more seller financing to close.

I don't think the typical sub-to deal would lead to equity skimming because they are likely close to foreclosure and there isn't enough time to rent the unit back out and make money allowing the unit to go to foreclosure.

Actually, it is possible do structure a 1031 Exchange on the sale of one or more relinquished properties and then using the proceeds through the 1031 Exchange to construct improvements on real property you already own.

You cannot close an RE purchase or sale without using an RE attorney.