Your sale will have costs, commissions and very likely tax on 50% of the profit unless you do a 1031 and wait for the 2 year period.

I'm just not sure on redemptions periods how to go about foreclosure process after redemption is over or how to find a lawyer that is familiar with foreclosures on a defaulted lien.  

Period!

You receive all the income and pay all the expenses during the period.

How long is your payback period?  

Now the wholesalers are desperate to make their (way too high) margin selling a house with no D.D. period at all. 

Think about you business over a period of years.  

Unless there was some sort of "inspection" period noted on the contract you are not on the hook for much of anything.

Assuming the answers to both the above are good, I would take the deal with a long due diligence period and a "free look" contingency that you find a tenant for a certain number of sq ft at a certain price.

The loan product changes if the Annual Percentage Rate (APR) becomes “inaccurate,” or a prepayment penalty is added, a new Closing Disclosure must be provided and an additional three-business-day waiting period after receipt of the new Closing Disclosure is required before the loan can close.