That's a great question, but it's a loaded one.What aspects of the process are you most interested in?

Upon arrival we had to cleanup two dump truck loads of garage that they left behind in the apartment and basement. 

Wow, was that a loaded question,  I have done just this to help the owner pull the trigger if the owner is a little bit low on funds for the labor end of the project. 

Hey @Amit Desai, yes if you are planning on renting it you will be in that investment load space.

Building a true buyers list requires networking and effective marketing channels, especially if you have the capacity to expand beyond your local market.

Count me in, I have no Investing experience, but loads of Life experience.

Taking some of that space for the bedroom would only require framing in a non-load-bearing wall, closet, and bedroom door, plus adding a few electrical outlets/switches, and then finishing with insulation, drywall, paint, and trim. 

Mostly going after JV and selling to funds to take up all of our capacity.

You contract with the seller should spell out exactly what the risk are for him; further, you should not do this deal unless (1) the seller utilizes the services of an attorney to advise him (2) you have the cash or credit capacity to payoff or refinance the loan if it is accelerated due to the due on sale clause and (3) proper safeguards by way of third party servicer, escrow, legal documentation, are adhered to.It seems you may have a big winner; however, it’s just these that lead to lawsuits if not handled properly.   

(It's arguable that having it under Contract is not equitable interest either, so you had BETTER have the capacity to pay for it come closing day)!