Yes there are broker's out there that also don't do good business, but they typically work with clients that do not know any better. 

How much upfront costs are typically involved in a project before you know if it's a viable project to pursue? 

You're better off opting for an interest-only mortgage, saving on payments, and then refinancing it into something more conventional when interest rates drop—or, if possible, making a plan to pay down the principal.Interest-only loans, which typically last for the first 5 to 10 years of the loan term, offer two key benefits.

I'm not counting those since I don't manage them, but I typically avoid cities and states with laws antagonistic to landlords.

Most likely the new lender is going throught the foreclosure process and typically will end up taking the property back.The original posters chances of getting this property back now is slim to none as it will be sold at market value.  

The profile of the typical Houston traveler is someone coming in for work.

Sale Price$171,000 - $55,000 (Rehab) - $13,680 (8% fees) - $40,000 (profit) = $62,320 MAOFrom talking to other investors and doing research, typically a Novation allow more money to the seller, correct? 

Also HELOC's typically have lower interest rates than personal loans since it is secured by your home.

Current HELOC rates are typically 8-10% depending on your credit and lender, though some banks offer promotional rates.

Typically, the tax is based on the assessed fair market value of the property at the time of the transfer, even if it’s not a traditional sale.