Even being W2 is a risk now that "job security" is an oxymoron.Both risk and difficult tenants come with the territory.Risk can be mitigated thru education.Tenant issues can be mitigated thru paying for a property manager.My $0.02 ...David J Dachtera"Success is not a destination.

Talk to your attorney about how bankruptcy works and how foreclosure works.I don't think wholesale would be an appropriate approach in either case.David J Dachtera"Success is not a destination.

That's THEIR job.David J Dachtera"Success is not a destination.

I can refer you if you need one.David J Dachtera"Success is not a destination.

The Destination Medical Center in Rochester MN has the potential to transform Olmsted County and Minnesota jobs over the next few decades (+35,000 to +45,000 and +25,000 and +30,000 jobs in Southwest MN.)Below is a link to the Comprehensive Housing Needs Assessment for Olmsted County, Minnesota we produced in February 2014.http://www.co.olmsted.mn.us/cs/cspublications/Documents/MaxfieldHousingNeedsAssessmentFinal.pdf 

Buying someone out of an impending foreclosure is a win-win-win for you, them and the lender.David J Dachtera"Success is not a destination.

David J Dachtera"Success is not a destination.

I would appreciate any advice, whether it be on the type of house to look for, cautions of investing with friends or simply whether this is a really good idea or one that is destined for failure.  

It was destined for you and that's great.

We're still a vacation/retirement destination, so there are eyes from all over the US and globe on this market.