For that reason, most of these lenders want to ensure you OWN your primary residence.

when you say "being sold" do you mean the minimum bid amount or the actual sales amount? 

You do not actually need any income if they have high enough income to afford their bills plus your new house.

Does anyone have a "program" or formula to use to establish a reasonable list price based on current income and expenses.

Though it may cash flow well based on their current debt service, when you compare the income it produces to the equity they have is it actually even a good investment for them from an ROI perspective or would they be better off liquidating and redeploying?

There are actually quite a few Americans investing in real estate in Japan, but more I think that invest only in the US.  

The term "reasonable" is going to be redefined.

Congrats on achieving a comfortable financial situation.Condos are actually riskier than single family rentals. 

More of a re-set that seeing the numbers (prices) at which my comp set actually books- leads to.

This is the reason homes are so much cheaper than cost to build.