I know for a fact that Chase has an internal condo approval process for all loans being sold/brokered to them. https://selling-guide.fanniemae.com/sel/b7-3-03/master-prope...For FHA, the guidelines are FHA 4000.1.Also, this: https://www.hud.gov/press/press_releases_media_advisories/hu...Long story short, condos are becoming increasingly difficult to finance.

They have decent PM tools. 

I agree with @Jonathan Greene here that the first step is thinking through what to do with the primary residence - you might try this tool that I built a few months ago to analyze whether you should keep or sell the primary residence! 

The ones I walked away from I found sold for less but had issues I didn't want to deal with to major issues that I'm glad I didn't deal with.I don't think there is anything wrong with lower-end properties as a jump start - it's just not for me because of the amount of time and effort and tenant base that seems to be a headache.

The property cash flowed roughly $250 a month for 3 years and sold for a profit of roughly $80K.

No jazzy tools, BS booklets, word-salad info whatever's, just BE OF SERVICE. 

And, if it is in foreclosure why wasn't it sold in the market?

He has bought and sold over 300 million dollars worth of real este and doesn’t care that he’s going to lose some money by almost giving me this property.

It’s all about positioning yourself for long-term gains, and with your current knowledge and tools, you’re in a great spot to make that happen!

Or can it be created right before the property is sold?