Hi everyone, I am looking for a contractor in Atlanta for a relatively large scale renovation on a 1910 built single family home that has subsequently been split into a quad.  

If you can find "deals" for no more than $140k, that will genuinely appraise for $240k+ with just $25k rehab - you should buy them anyway, even if (only) to flip.The main point is: whether it's for a flip or BRRRR - don't buy UNLESS you reckon you can be all-in for less than 70% of its subsequent (anticipated) appraisal.

This (larger) mortgage was subsequently “modified”.

I know we personally have done much better with each subsequent house we have purchase than the previous.

Keep in mind that you will have subsequent taxes to pay if you choose this route. 

Foreclosures allow the municipality to recover these unpaid, overdue real estate taxes before the first, secondary or all subsequent lien holders.Now, the laws for banks foreclosing on back paid taxes is tricky.

Also I'm a bit unsure how to handle the initial investment in the case of an LLC being formed to purchase property and then subsequently build a new property that will be used as short term/vacation rental.  

If not, in some states, the former lender can pursue the former homeowner and seek payment.A foreclosure, and subsequent foreclosure sale will remain on one's credit report for many years.

Also divorced, have a 12 year old son, 50/50 custody.Basically - the divorce and subsequent custody fights in court with an ex-wife who keeps trying to take away my 50/50 time have taken their toll financially.  

You will need extra reserves for each property and the underwriting will be different for properties that you don't intend to live in, thereby making it more difficult to qualify for each subsequent loan.