They will then send a letter stating what terms they are offering.

In making this post here on BP, I wanted to humbly come to the forum however and start from scratch in terms of idea generation as to any and all avenues to pursue in getting the word out there so as to not miss any options.

These are done between the buyer (you) and Seller.The situation that is most common to find these properties are in a foreclosure proceeding, or pre-foreclosure. 

Quote from @Miguel Garcia: If I look into investing out of state should I look to get pre approved by a lender in that area or would a lender in my area be fine?

The defendants researched and located properties that were in the pre-foreclosure short sale process more:https://www.justice.gov/usao-edtx/pr/self-proclaimed-short-s...18 U.S.C. § 1344 – Bank Fraud18 U.S.C.

Hey Stefano Vrolijk,Speak with a local mortgage broker and get pre-approved for a loan. 

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

Long term play would be to either use it as a short term rental or 1031 exchange it after 2+ years.

Of the conversations I have had with people discussing hard money lending, some seemed opinionated in that the high interest rates and terms were enough to scare them off.

For a long term hold, time and my value add will create my spread.