It's important to consult an attorney and an accountant eventually, but your first step should be to discuss your plans with your lender.

Depending on the ARV, I think you are better of using your own cash or getting a partner involved to finish the rehab and then cash out refinance with a conventional or DSCR loan.

Given the legal challenges that can come with Foreclosure, I recognize the importance of having an Attorney involved for the Foreclosure process.

My question is since a lender is involved and I will be drafting up a contract how do I protect myself as to once I hand off the home he doesn't end up pushing me out (there is no sign of such and there is trust but this business)?

I think if you realistically have enough deal flow of good properties, flipping is a faster way to a huge bank account, since a good flip should be between 30-50% return on investment every 4-6 months, if you are doing it all cash.  

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

@Nada MohamedI recommend that you speak with your accountant and several cost segregation firms to compare benefits and prices.

Account for any maintenance and repairs that might need to be addressed sooner rather than later.

I'm meeting with my accountant now.

You will be able to take advantage of it in a SDIRA if the syndication also has taken on debt and therefore passes UDFI on to your account.