Yes you will most likely be splitting profits but after a flip or two you will have the necessary funds to revisit the funding options you mentioned above.      

In that situation, I might choose to raise the capital and build the project, or possibly flip it to another developer if I can't raise the funds myself.

Place the offer without a POF or should I just use a transactional funding POF?

Do you think wholesaling properties would be a good segway into real estate investing, due to its quickness to raise funds and the knowledge I'll pick up? 

It's an 2/1 872sqft, $$1400/mo and Tenants pay all Utility 2nd property property is a Duplex.Front Unit is a 2/1Back Unit is a Studio Sqft 1832Tenants pay all Utilities Separate metersRents are $1300 & $1000/moProperty are in Great shape with a 10% capThis is a Package deal, so Pm for more pics and Info..Proofs of Funds Required before disclosing further info..

One month the state didn't approve the funding and I didn't get my check until around the 20th of the month.

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.

The burning desire has arrived.

I'm currently working to rehab and add value to a duplex in SF, and then hoping to use that equity created to fund more REI.

I rolled all those funds into another flip I working on now which also came from a realtor and estimating a 30k profit.