And, without a living owner, I don't see how you could buy it in pre-foreclosure subject to the existing loan.I think you'll have to wait until it comes back to the bank as an REO, assuming no one grabs it at the courthouse steps.One last idea: If it's a viable fix-and-flip, you might be able to get a cash buyer interested in bidding at auction, with you extracting a finder's fee for bringing the deal to their attention.

He uses it in his trade (rock extraction). 

With an ARV of $500k you should be able to extract $325,000 to $350,000 upon refinancing - that should leave you with approx

The challenge is extracting $1100 in cash flow out of $2185 NOI.

The refi won't be paying back any loan, but to simply extract all the cash we are providing.  

A property with one of those opportunities listed above can provide instant equity gain while allowing a refinance to extract out the initial investment. 

I've been a cyber analyst going on 10 years now, so my daily activity involves collecting data, analyzing it, and extracting the most important parts to make an assessment.

I don't know if the house is listed till after extracting the info re default from public sources.

Now you will have two options..1) Sell the unit take the equity and reinvest into another project2) refinance the unit for the new value of the unit, rent it out for +'ve cash flow and extract the equity from the refinance to purchase another project.

For us, we decided to kick the can down the road by investing from inside the Solo 401k, receive the distributions into the 401k, and worry about how to extract the money with minimal taxes later.