As for the OP if you still want to do some fixers in addition to your buy and hold you could use hard or private money to buy some fixers and do the repairs then after they are done refinance with a more traditional lender based on the new value of the property which will give you a lower % borrowed therefore less income needed to repay.

@Andrea Pulley  - You yourself admitted in your op that you are "freaking out" about life decisions.  

But as the other poster pointed out, the usefulness of the MLS system in finding a building site was marginal in my target area.To the OP- you really do have to hit the pavement as mentioned!

@Joel Owens OP said property is vacant.

As long as you are ok with the potential consequences then there is no legal issue.In response to the OP, search here on BP there are literally hundreds of threads on Sub2/Wraps.

In fact as I was looking at comps for the OP, I saw for the 1st time, a 2 family that fit into the same pattern.

Hey guys, just not to confuse the OP....this IS the HOA foreclosure auction, as the judgment amount in the HOA action, matches the judgment amount for this foreclosure action.

I already own a co-op in the Bronx area therefore i am a little bit familiar with buying a property using the traditional way.

All I saw in your OP pertained to the notes side of things.

OP, great thread, and funny @ Aaron think he was just patronizing you in a fun way.