So I'm trying to weigh up all the possibilities in order to take the safest and most profitable decision in the long run.Foreclosure, Deed in Lieu foreclosure, modification, short sale, cash for keys and resell; am I missing any other possible exit?

Just have to pose as a good business decision for both parties.

Also, It seems like you need to confirm whether you will be able to get a loan before you make this decision.

Well, that's business decision.  

In high-end properties small decisions can radically effect your sq/ft costs. 

Anyway, I knew I wanted real estate in my early 20s, but made a decision to start a business that failed around 2007 when people lost their jobs and had no more expendable income.

Until you understand the myriad of different strategies, you are just taking a shot in the dark or following someone else without accepting personal responsibility for your own investment decisions.

It's really your Decision if you want to expedite delivery or know the delivery status of your target.An Undeliverable mail pieces is referred to as a "Nixie".

Who are the decision makers, the site acquisition manager of each businesses?  

I've gone rounds on this decision however because of the exact reasons you are looking to invest there- the market there has been and is primed for continual growth and expansion.