If you're interested in being involved in prepping/flipping a townhome post-foreclosure, I may be willing to trade some knowledge for a more local presence around the property.What are you looking to learn exactly?

I do like the strategy you propose though, and just thought of in-state in a more highly rented area vs out-of-state. 

Any relief there is a more valuable "dollar" to seller than on the sales price.  

I can see this moving to a more widespread policy.

A more time intensive way of acquiring those leads is just from the county website, tax assessors office, or whatever public record is maintained in your area.

Whatever you do, I would suggest a hurdle where if you achieve X% return on investment then all dollars after that are split at a more sponsor friendly split.I do agree with Lew that you are better off getting ahead of the conversation on the arrangement now rather than later.Best of luck!

You have to take the extra step to calculate your cash on cash (COC) return to get a more complete picture. 

I believe its a more recent thing as the tenants (moved out just before I purchased the home) would have certainly not put up with it.

I would suggest a more reliable plan for income. 

As far as the equity, standby for a more solid answer on that as I'm reaching out to my folks to see who, if anyone, has any equity available in their properties.