The bank will bid the amount they are owed.

Since you requested any book recommendations, I wanted to point you towards Tax Free Wealth by Tom Wheelwright. 

Definitely discuss w your tax advisor too.  

., 17.5 years remaining for residential property).New Schedule: Simultaneously, start a new depreciation schedule for the additional cost basis attributed to the replacement property, following standard timeframes (27.5 years for residential, 39 years for commercial).Option 2: Treat as New AssetCombined Basis: Treat the entire cost basis of the replacement property (carried-over basis + additional funds invested) as if it were a newly acquired asset.Single Schedule: Depreciate the total cost basis over the standard timeframe for the replacement property type (27.5 years for residential or 39 years for commercial).If you choose option #2, you need to file an additional form (4652) with your tax return. 

If its a 2-4 unit you only need 15% down using a True Portfolio program and you have DSCR as a back up that uses the STR rents to qualify and avoid personal tax returns or income.  

Consult with real estate experts for guidance on legal obligations, tax consequences, and financial strategies.

Look at rental rates, vacancy rates, and typical property taxes in your target area.

There are expenses other than just the mortgage costs (like taxes, insurance, utilities, lawn care, maintenance, etc) that would have to be taken into account. 

I’ve looked into tax foreclosure, mortgage foreclosure (sheriff sales) and buying properties that are listed on MLS to flip.

Would look for offlist Tax sales of 20 acres or more.