I am looking to bid on a foreclosure (upset bid after sale) and I got a title search done that showed a Contract Memorandum between the owner and a Property company (assuming its for a sale) that was filed after the initial foreclosure sale at the court house. 

It takes many years to recoup the initial investment when you purchase a rental property.

That might help decide the type of property your going to live in, the price range, and where.When you thought you were starting the mortgage process you most likely went to lead generation sites.

My initial goal was to do airbnb with it but I called the leasing office and found out it's not allowed.

Let's project this out shall we:1 - If each deal takes 18 months (assuming they are all the same) to fund/cash, and...2 - Each deal generates $7k (with all being perfect) at a cost per deal (in cash) of $85k.Goals:1 - $100k/year ~ $8k/month2 - Needs 14 properties to =~ $100k/month3 - 18 months * 14 properties = 252 months (21 years), and that doesn't include the time each deal takes to find, negotiate, finance, close, put a tenant in, etc...or any problems with the properties along the way.4 - Total cost out of pocket (not counting surprises):  $1.2M

They paid tax on $450K but sheltered the other $340K of profit, eliminated their mortgage and ended up with passive income for the rest of their lives.Option 2 would be To sell for $850k and generate $550K in cash. 

I use 10% vacancy initially to see if the deal will be fat or thin, then move towards a 5% vacancy calculation since I believe that is more likely than a 10% vacancy rate. 

What the property management SHOULD have done is initiate the eviction process following the statues for the state of Missouri. 

Where could that money be used to generate that much value?

Like I said initially, it often comes down to what the norm is for your specific market.