So I am considering two options:(1) HIre a contractor to hand off to finish the project.(2) Sell it as-is.If I go with option #2, obviously it cannot be a normal sale as the property is not habitable in it's current state, so cannot be mortgaged nor insured. 

There are some VERY specialized strategies that can get around the problem, but they require buying out the former owner or one of the heirs. 

However, I discovered that Anaheim isn't allowing new short-term rentals and that the strict regulations in California make arbitrage nearly impossible.I then came across the assignment of contracts strategy and thought it could be a good way to generate income.

This amount includes utilities, taxes, insurance, repairs (8% of rents), vacancy (8% of rents), and capex (5% of rents).Link to the Redfin listing: https://www.redfin.com/ME/Augusta/39-Oak-St-04330/home/99940...

@Yolanda Chancellor, what investment strategy do you intend to implement?

Hey all, I have some questions about potential strategies with a rental property that I own in Sumter, Sc. 

Professional Services:  Fees paid to accountants, lawyers, or property management companies are deductible.What strategies have worked for you in maximizing deductions?

While this is not unique to foreclosures, and should be done for EVERY deal, I highly recommend you get full title insurance on a property.  

What investing strategy are you planning on pursuing?

I’m also in California and have debated about every strategy out there 😅.