Since you know what you need to buy it at and an average rehab cost, I would say $50-70k for a cosmetic flip, set the ARV based on the sample you choose and doing comps and ask them if they would invest in a deal similar to this. 

You aren't required to offer a loan mod prior to foreclosure.

Unless you are someone who is going to take advantage of the leverage offered in an FHA loan, I am generally in favor of purchasing investment real estate in an LLC.  

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Since you said you don’t really need the cashflow because you are sitting on huge reserves do the math based on income instead of cashflow.

I'm based in the Boise area so we're a little far apart.

The proceeds could be reinvested into something with better returns or even used to simplify your finances(Like Bettment still offer 4.75% for new customers, and you don't need to do anything!).

Originally posted for 100k over what the purchase price was I submitted an low offer and received a counter.

Forming an LLC for your rental property can offer liability protection, but no real tax benefit.

You would basically offer the same set up utilities but you would have a residual income monthly by renting the plot to the owners of the space.