Being a PR looks like the way to go.

I am interested in buying a pre-foreclosed home, but I can't seem to get a direct answer about the process of it.

Is it also near ski mountains, snow mobile trails, other outdoor activities for the winter months?

What I know is that I need to take a pre-licensing course and pass a test.

In most places you can use this ... say a pre-foreclosure where seller will sell for amount of loan ... you bring loan current (your only cash outlay) then lease option to buyer (who will pay you an option fee - probably more than you paid to bring loan current, so no major outlay until you exercise the option). 

Purchased for $90,000 using a 30 yr conv. loan for 5.5% APR with 20% down to avoid PMI and paid my share of closing costs.

I miss Colorado like crazy, just spent last weekend skiing here in New Jersey and it is not the same!!!

The owner would sign but more of a pre executed - I don't want the owner to be involved in every transaction.

Presenting a pre-approval AND a proof of funds will help show you have extra money, but are using mortgages to grow your portfolio.

Maybe i can help by giving the lender's perspective and some quick things you can look for to discard or get a good a short-sale prospect.If you want to be taken serious and get quick responses from lenders my advise is to present a pre-hud with a sale price so that they can see the estimate net proceeds they will be paid.Take a few hours put the numbers together by looking for liens , hoa, taxes and any other debt needed to be paid at closing.