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The renovation cannot be for any structural changes, i.e. you can't change the floorplan to have an open concept between the kitchen/family room or add an additional half-bath, but you could redo the kitchen, roof, etc. 

If it's a junior lien holder, still, they aren't going to bid anything after their total debt but other bidders might get into a frenzy thinking they are getting a screaming deal (If they didn't do their homework about other liens).Even where its a run of the mill senior lien holder foreclosure, they still won't bid over total debt but, they might set the opening bid lower than total debt if their analysis shows the property to be worth less than total debt.

@Brian Warren I'm definitely open to talking about investment rentals in Destin, Ft.

This means building up your cash reserves, paying down (or off) your debts, and opening any credit lines you are going to need.

Always open to anything else but that's where I plan to start.

Luke, if you read your opening post again, it's you who "painted a completely different scenario... than what the reality is", (not @Steve K.).

They dont look at it like you have $250k in open empty credit cards... 

Excited to be here and am open to learn it all!

I also will most likely call a 'related' person. open with the same thing, and if they say its not xyz ill ask for their number since im innocently (AKA not a stalker haha) calling about the house for sale and trying to reach them.