You need to just take the home you want to do this with and get some pricing (and make sure the city will let you do it). 

In fact, we’ve been featured twice on the BiggerPockets Podcast, with our top episode being Show 794, where we dive into how we bought properties with as little as $100 down.Why am I sharing this?

Starting small and scaling up is a tried-and-true path, and this community is filled with people who’ve walked that road and are eager to share their experiences.Feel free to ask questions, share your wins (and challenges), and tap into the collective knowledge here.

Any help on how to figure out a local CAP rates for a specific area would be helpful.  

This is very important.

This property is in the Extended Use Period though mid-2026.  

Hi William, glad to have you as a part of this awesome community!

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

My thinking is this leaves me with two paths: A) Best case is I pick up the foreclosure for $1M, immediately list it for sale at $1.6M or more and hopefully sell for a > $500K pretax profit. 

The only way is to document and possibly evict under nuisance.