They even submitted a contract to close, but did not want to sign the initial contract I had on the property as the wholesaler.

@Sandy ThomasTargeting specific areas and properties then raise/shop initially.

And, to do the work, do you plan to hire everything out or do some yourself, initially? 

This means:Even though the tax card states that Bank of America is the lien holder, there's a possibility they've disposed of it (selling their non-performing note) prior to initiating or during the foreclosure process. 

We initiated FC.  

Basically, I've had the initial conversation with them, asked about their houses condition, and the majority of these leads are folks who want retail for their house that's in need of extensive repairs.

I'd also be working off numbers closer to the market value initially.

And in my opinion, you should charge a lease initiation fee as well (or something similar).

Then you decide on a lender and get a rate lock once initial approval is confirmed.

Title work is usually ordered by the attorney prior to the initiation of foreclosure and that research is always performed by a title company.