@ $75/sq foot I do not think pursuing this makes much sense unless I have loads of cash burning a hole in my pocket.  

So I'm speaking from experience, these type of assets tend to burn holes through investors pockets.

The necessary steps are: 1. a definite purpose backed by burning desire for its fulfillment, 2. a definite plan, expressed in continuous action, 3. a mind closed tightly against all negative and discouraging influences, including negative suggestions of relatives, friends, and acquaintances, and 4. a friendly alliance with one or more persons who will encourage one to follow through with both plan and purpose."

You will burn yourself out if you continue down this path.

I say to him " a friend told me about it and said that it might be for sale.. so I was just checking it out " He pointed to the burned house next door - "That one's for sale" "I'm sorry ..

Another piece of advice I would throw out there if you are looking to get into foreclosure auctions, learn to look at county records for liens, and other encumbrances that can affect a title.Even if you have the cash, which would be quite an accomplishment itself for someone of your age, if you go into these somewhat blind you'll get burned.

Some do call before they get there but I am rarely burned by this. 

I have 1) saved up over $100k that I am looking to start with, 2) family who are interested in contributing to the right opportunity, 3) a six figure income and 750+ credit score (I understand this is not as important on the multifamily side of things) and 4) a burning desire to make this happen.Knowing that there so many of you out there that are further down the road than I am and have infinitely more experience than I do, I am requesting the assistance of the BP community to help me answer the question "How can I make my first investment in real estate be in multifamily/apartments?"

I am currently analyzing a burn out property for potential complete rehab.  

I searched for a land contract on this property on the county recorder site and unsurprisingly found nothing.I googled her name and found a local newspaper article about a property she owned burning down and she didn't address it nor could be reached for comment.