It's as if Oregon and Washington are racing to see which one can more quickly resemble the cesspool that is California. 

I wouldn't put the horse before the cart and I would save up for a downpayment.

I was more so giving a few suggestions on how to build a network of contractors and not letting language, race etc limit your search.

I first dismissed it as a way to race to the bottom so that they can keep making cashola off us like AirBNB's does.

In other words, I don't have a horse in this race.  

This can get complicated if you are racing against time between getting it sold versus the banks take over.Can you get it sold at a high enough price to pay off the mortgage or is the owner under water?

This way you don't need any loans, you get to grow your equity/experience/income with every house, and the passive investors get your time/dedication/growing expertise/energy/and an inflation resistant investment. people want good investments, the Horse, but they mostly judge that by the earnestness/ambition/expertise of the Jockey. good luck :)

If you know there is a reverse mortgage, it would help to ask about the parameters right away so you don't waste time beating a dead horse.

I myself do care about them because so many fix and flips in the mid west markets are AFFORDABLE housing that is desperately needed to get folks out of rental rat race and throwing their money away on rent. 

Not a good situation for someone wanted to exit the rat race.