Depends on the focus of the reia.

Depending on the valuation on the other property, you may be able to pull a HELOC on that one as well to get your $100k you're looking for.

HELOCs on rentals are rare, and depends on where you are located.

As for your ques if to wait, well, it depends on the market, in some parts of the country prices are still going up, slower, but still going up, other parts the prices are coming down, you know that area, what is happening there? 

Depends on which state you're considering.This is just off the top of my head and far from an exhaustive list of considerations.

As a long-term hold investor, I see this property as -$600/mo to -$800/mo depending on whether you use a PM or not.

They have lots of options for you, depending on your budget.

It could be possible to still negotiate a purchase depending on the stage of foreclosure it is in. 

@Matt Wan Many lenders require wet signatures on at least the Promissory Note but if yours does not, as a US citizen you could do the entire signing anywhere on the planet with a good internet connection + mic + camera via Remote Online Notarization (RON) for less than $200.If wet signatures are required, the answer then depends upon what foreign country you are in.

Both options have pros and cons, and the right choice depends on your lifestyle, experience, and long-term goals.