Come to find out this property was foreclosed on in 2013 and is owned by BOA.

If it BOA you most likely are wasting your time because they will eventually list through a Realtor to get top dollar.Paul 

This should no longer be the case since the BoA vs Caulkett decision.

I use BOA but if you want local you could talk to United Heritage Credit Union. 

So my next question is for you experienced investors, can I get a good enough deal with a BOA REO to wholesale it or should I focus on the buy, fix and flip or hold?

.- Purchased 2005, converted to rental 2011- Currently owe $415K on 2 mortgages, both with BOA- 1st mortgage @ 6.5% interest-only; 2nd mortgage @ 4.99% interest-only- 1st mortgage has always qualified for HARP but has not been able to go thru the system to be approved due to technicalities of the loan- No comps for this unit and best guesstimates of sales would be ~10-15% less than owed- Negative cashflow is really hurting, ~80-90% occupancyI cannot spend the cash required (~$100K) to refi given it is far underwater - also it generally does not meet owner occupancy requirements even for a conventional investment property refi.

A foreclosure can have equity, with an owner who stopped making payments during repayment.Many big banks (Wells, BoA, etc) use a system called Equator to analyze the foreclosure process. 

Unfortunately, all funds would be paid by BOA once the repairs are completed and inspected.Thank you kindly.

The details are below:SFH in Houston, 3-2-2, 2420 SQ, built 2007, Current loan amount $191k with BOA with $1800/month including PITI, Loan is under Julie's mom name only, the current as is value is $205k.  

In researching county records I noticed that the note holder (BoA) appointed a substitute trustee and demanded the total amounts payable due immediately.