Also my next steps will be purchasing a multiple family property in Elizabeth NJ and I'm sure I'll have questions when the time gets closer but I know you guys will be able to guide me.

@Charles Worth,Just curious as to why you think it might not end well.No investment is guaranteed to produce a return and all investment involves risk, especially the risk of loss including, but not limited to, the amount invested.

At the very least, the local title company should be helpful, I would think.I would expect you'd need to involve some type of transactional funding so you can do two transactions: foreclosure to you (auction sale), then sale to end buyer.

Looking forward to getting involved and figuring out a path to get things moving.

I personally have multiple HELOCs (each with six figure credit limits) and haven't had the limits reduced, but then again I've only had them for two years and the values of the homes securing the lines haven't dropped in that period of time. 

$30k can purchase multiple properties in other states.

@Brad ChatmanThe only time a landlord should pay utilities is when there is one utility meter and multiple tenants where there is no way to tell how much a tenant is using. 

I'm usually in multiple deals at once on the island.

Looking to learn more as much as possible and get involved in my own deals.  

What I dislike about the three CPAs I have used in the past is that they charge by the form (my taxes involve a lot of forms!)