Hi, pre foreclosure in all of its permutations, before the bank sends Notice of Default (NOD) or efter which is state even county dependant but often starts a 4 week clock till the trustee auction are the 2nd most difficult deal scenario and IMHO only experienced investors should bother, the 1st most difficult deal scenario are bidding at the court house steps on lord only knows what is being auctioned off sometimes even 2nd mortgages, you need to do so much home work to attempt to reduce your risk at the court house steps...Pre foreclosure no one talks about these issues, always about the nice sounding stuff like "motivated seller" get a good deal etc etc both are usually not the case.- 95% of folks in pre or post NOD want to stay in their house, keep their house inspite of them 100% will loose the house at the auction. 

Self-Employment Opportunities: Would it make sense to start a side business related to my rental properties (such as property management) to access more deductions?

You are in the right place to get started.

Nevertheless, a facility is on the horizon and I have now started a non-profit with family to begin a secondary path.

Quote from @Daniel Tanasa: Hello Terry, If you're looking to find houses that are in pre-foreclousure you can use a website like www.foreclosure.com and you can get the list of properties and start marketing to them. 

I started a property management company in 2017 and am now managing almost 800 doors and 6 construction crews.If I could do it all over again, I would have spent a little more time setting up business systems prior to jumping in. 

Currently work a day job and have no capital to start off with.

I am an investor friendly agent as well looking to start my journey in RE investing.

Make the start date of the lease contingent and effective upon closing. 

Back when I first started in 2018 there would be properties under 50K they’d be interested in.