Invest in Opportunity Zones: Reinvesting capital gains into Qualified Opportunity Funds, which invest in designated low-income areas, can defer and potentially reduce capital gains taxes.6.

It was sent to 1000 or 10,000 potential investors today. 

One is strictly investment, where the neighborhood/location is not important just the potential for upside and low cost living.

I left numerous contact me letters to speak to the owner to discuss options and potentially cash for keys.

If you were entitled to those lawyer's costs your lawyer would have asked for them in the lawsuit because a judgement gives you the most ability to potentially collect that money back from the tenant. 

If you can do a renovation loan with 203k or a homestyle loan to house hack a 2-4 unit multi-family, that typically has the highest potential for equity gain with the lowest cost.  

I generally know what that means but I don't know if there are any potential cons with this situation.  

Start building a network of potential investors that are interested in your investment thesis.Also, what is your edge?

Once the renovations are complete, the property might appeal to owner-occupants or investors, and you could potentially recoup your costs and free up capital for a more profitable deal.

When analyzing potential investment opportunities, one thing you can't afford to overlook is projecting those sweet returns.