Things I'm worried about are anything related to rent control, anything related to the tenants rights that I haven't thought about before (like cases of tenant being not mentally there as I know in Los Angeles where I'm from, things like that might impact procedure), etc.    

Not looking for someone to do it for me, just someone to help me understand the procedures.

Jeff is right, each state can be very different in foreclosure laws and procedure.

If so, the title insurance/closing agent/selling bank will have to cure it, likely thru reopening and amending the foreclosure...don't know how your procedures work there. 

Fees vary as well as procedure, unless you are bringing a huge deal to the table a lawyer would be too much. 

The ideal candidate would have a bookkeeping background, a knack for organization and developing procedures, able to do it all including administrative tasks, entering owner statements from various property managers into property tracking software, calling property managers to decipher owner statements and pressure them to increase income and decrease expenses, able to understand basic construction and rehab, lease out units locally and screen tenants, and the list goes on.

Subletting just means you go through the normal procedure of renting a home and then you just move in another tenant to cover the rent and a little bit of a markup.

We have a good understanding of the formula involved in deciding which house to choose, ((ARV X 70%) minus rehab cost = maximum purchase price), and we understand the costs associated with purchasing, holding and selling and have a good handle on general rehab costs as they go.Having said all that, what is the procedure for obtaining the funds for the rehab?

I am new to any situation as this and would like to know the procedures I should take or things that can help me.

Is this possible in California and if so, is there a certain procedure to acquire property for that price.