The two common ways to get rents up is 1) to move qualified family into the unit for a year 2) perform and extensive rehab such that tenant occupancy is not possible. 

I also have no W2 and possibly one of the highest debt to income ratios in the country.

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

Any seasoned investor will be able to spot these quickly but the issue is as a human you can’t possibly analyze all the deals that come your way without using such tools.

Let's just say even seasoned syndicators are having a lot of trouble raising capital these days.Personally, I would focus on growing as a pilot and getting into mainline (if you aren't already there) and into the captain chair as quickly as possible. 

Or if you want to just do the soft pull you can request that but its possible they will give you numbers that arent as accurate.

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

Possibly lower returns than projected because of statutorily mandated interest rates following court judgements.

Sounds like this could possibly be a Schedule C activity so keep self employment tax in mind.