I've bought a handful of foreclosure properties here in Colorado and am running into an interesting scenario with my most recent purchase. 

All three generate leads from insurance claim residents and traveling professionals (medical and the trades).One of the advantages of FF has been that it's forced us to have systems in place to create leases, accept security deposits without co-mingling and provide "live" customer service. 

I don't know your market well at all (I am in Colorado) but even a couple hundred extra a month from an additional LTR in the basement could make this worth it to hold on to given the situation you're in.

Yes, it is your debt to pay, the title co. just didn't catch it, and deduct it from your proceeds.

Property is in Katy TX, and I am on the Deed and title as co-owner.

Cap rates are at 5-6% on a stabilized SFR with a long term rental strategy.Only strategy I am seeing pencil right now are with a rent by the room / co-living strategy .Flips in some areas kind of make sense where you're all in for around 80% and can make a spread.I'd suggest evaulating different strategies or markets, else you may burn yourself out - this is learned from experience :)Shoot me a pm if you'd like to chat - I'd be happy to chat and help save you some time.

What brokerage are you with in Colorado?

A ton of questionable money raisers are running around as "co-GP", but do they "really" co-GP or is it a shell title with no authority nor a legit role outside of raising $ for a cut?

Unfortunately the info she gave me was the contact info for VRM Co who handles the listings.Now that I had a bit more of the backstory about New American Funding, I called them and asked if she they had a new lender she could give me the name of.  

@Timothy Blackman- thanks  ...get some referrals for lenders from friends / co workers ...contact them all on the same day with the same criteria and ask them any questions you have and  ask for some scenarios ...compare the  feedback and service they provide ...pick one lender to get pre approved with ,,once you have a property - contact all lenders again for pricing options for the actual loan you will need ...hopefully the lender you chose for pre approval will be competitive in their pricing ..good luck