So your son is wholesaling the property then, it sounds like, and sellers are willing to sell subject to the existing mortgage to the end buyer?  

Like you said, preferably convert an existing garage.

I have section 8 rentals in great areas and I almost forget they exist sometimes because of how long term the tenants are and how low maintenance they are.

Because you are essentially buying into an existing business, the sale of it could generate a disproportionate amount of tax for you given your time in this deal.

Investors who are active in gathering data on local trends while working with knowledgeable agents are able to pick neighbourhoods poised for growth and also comprehend how to best mitigate their risks as they prepare to maximize their return.Myth 3: Distressed Properties Are in Bad LocationsAnother misconception is that distressed properties only exist in bad neighborhoods.

➡️Manage existing portfolios.

Most property types can work for coliving, so leverage your existing expertise.No?

I ask because we only buy houses around the southern US (TX,OK,AR,TN) but we're curious to know if more opportunities to buy foreclosures could potentially exist in other markets. 

I haven't heard of them but that doesn't mean they are not good nor exist.  

The OP said she intends to rent her new place, so until she files for a new homestead exemption, it is unlikely that the existing homestead will be revoked.