Here is how some steps are categorized.Performing Loan30 day lates90 day latesAssignmentNotice of Default VA loanNotice of Default FHA loanNotice of Default Conventional loanNotice of Trustee's Sale/Notice of ForeclosureLis PendensContinuation/PostponementLoan ModificationReinstatementBankruptcyAuctionReal Estate OwnedThere other possible steps, but these are what you will typically see.The key is to know what you can do in each of the steps in the state the property is in.Then you need to know what to avoid and what the options are for the owner and options available to the lender.

Any of the second tier large cities like Greensboro, Winston Salem, Asheville, Wilmington, and the surrounding areas will have plenty of options.

Deal with it.Correct me where I'm wrong but Novations can be executed by either a Power of Attorney being given to the investor or by an investor just doing the paperwork, both being done after they secure their interest with an option contract (unless there's some other creative thing I haven't heard about yet).

Since the mortgage rates have been higher than previous years and the inventory has been lower I'd recommend looking into multi family options that are currently cash flowing in areas that values are increasing.

Consider lease optioning the “now keeper” and walking the created debt forward if you lease option buyer can cash you out. 

Scroll down until you see an option labeled "Add to Home Screen"4.

But of the options you note, the only one that really makes sense to me is the CoC option. 

IMO better options- If you don't need the money in the next 10+ years look into Annuities I'm seeing 7-9% and you don't have to participate in market downturns.

Look into all the options.  

Whether to build on your lots now or wait depends on a few things: construction costs, rental demand, and your financing options.