I'm trying to figure out a way to utilize a large storage building at one of my MTR listings in Memphis.

Delevan is a market where you will have to look at surrounding markets like Janesville, Elkhorn, and Darien to get your comps and rent information. 

If I put 50k down I should be able to cash flow around 400 a month.  

The most reliable way is look at other STR's in the area and see what their nightly rates look like over the year and look at their occupancy rates. 

Depending on the type of commercial you want to get into my suggestion is to go work for a company that does commercial real estate as learning from people who do it and getting paid at the same time is not a bad strategy 

Basically anything that I should have before the construction starts.Currently in the step of figuring out how to get home plans and how to work with architects so I have the following questions:1.

Help me see if this is "worth it" or not.  

Foreclosures aren't a super big source of leads though and most end up on the MLS anyways so they many people will see them.

A lawsuit at this stage is likely throwing good money after bad.

I  have a detailed reply above that explains it and provides the code citation to read as well