It depends on what the property appraises for in 24 months,  if you will be able to get home owner's insurance, if lenders are lending and so on.

Yes we avoid custom work to help keep cost down. 

Keep in mind the potential for higher renovation costs due to older properties and the local landlord-tenant laws.Good luck! 

The repair was extensive and costly, requiring excavation (about 3x6 feet) to replace the broken section and clean up the mess.

Leverage / down payment required will depend on if you're a U.S. citizen, Green card holder or if you have another immigration status. 

Purchase price: $15,000 Cash invested: $25,000 Sub to deal - paid the seller and wholesaler $15,000 + $7500 closing costs to assume $84,000 mortgage with a monthly PITI of $575.

Assuming you sold the home at the end of 5 yearsYour NET ROI would be:0% appreciation: 10.93%1% appreciation: 12.13%2% appreciation: 13.33%3% appreciation: 14.53%This ROI calculation takes into account taxes, insurance, selling costs, repairs (calculated at $3500) through out the lease.

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

Do you understand the added complexity, work involved, and costs? 

Quote from @Collin Hays: Quote from @Rick Albert: Depending on what's allowed, the event/wedding space seems to make the most sense.