You have no total control long term over the appreciation of your real estate, that's more up to the neighborhood/demographics/economy/supply-demand/inflation rate etc.

Short term bridge debt adds a big layer of risk that the sponsor has no control over.

I'm reading between the lines of your original post and for some reason I think there may be an emotional pull to this property.

if you are going to do the court house steps deal - be sure you can settle.Alternative:view the property well in advance of the auctionfind the owner - find out their problemstry to solve the problem before the foreclosurestop the foreclosurebe careful of foreclosures laws in your areatry to CONTROL AND ROLL the property using an auctionfind better deals - too many issues with F/C buildingsthere are easier better deals everywherewhat you want to do can be done - but start early - find them in the court house before they are publicized - get a head-start on the competition. 

The water managed to perfectly get into the control panel and fry the entire unit. 

Both are unincorporated places without local control and STR rules set by the county.  

Fannie Mae's guidelines verbatim are as follows:Must be occupied by the borrower for some portion of the yearMust be suitable for year round occupancyBorrower must have exclusive control over the propertyMust not be rental property or a timeshare arrangement (this has the following disclaimer in the guidelines:  If the lender identifies rental income from the property, the loan is eligible for delivery as a second home as long as the income is not used for qualifying purposes, and all other requirements for second homes are met (including the occupancy requirement above).Cannot be subject to any agreements that give a management firm control over the OCCUPANCY of the propertyThis means that as long as you intend to occupy the property some portion of the year, you could absolutely rent it while you are not using it. 

Good ole' Empire State, removing all of the control but none of the responsibility from property owners.

Emotions have no place in this game.That being said, if you want help on specific aspects, like lead gen, or networking, those would be good things to inquire about specifically...

Go on title or set up a joint LLC so you have control.