@David Ojo I am a California probate attorney so can only speak to California with accuracy but other states are probably similar. 

The same thing in parts of L.A too that used to be “gang areas “ but now hipsters are getting into bidding wars over properties . https://www.nbcnewyork.com/news/local/Realtor-Hot-Spot-NYC-Realtor-Yelp-NYC-Rochester-Buffalo-450315393.htmlhttps://www.newyorkstatedestinations.com/explore-niagara/elmwood-village-hipster-hotspot/http://www.wivb.com/news/local-news/group-speaks-out-against-gentrification-in-the-queen-city/1083119084.

Please do speak with your lender about the feasibility on properties such as this.  

As a side note, the company was paying my living expense abroad, so really I was tripling my savings rate.I am not sure if the company you are speaking about is trying to get you to move for a new job or if it is your current employer needing your skills in a different location, but leveraging them to protect your position might be a better strategy. 

My approach to this since the post has been to contact the bank directly via phone and ask to speak with someone about their REO portfolio.

You may want to refer to your local tenant/landlord laws and maybe even speak with a real estate attorney on this one.

I don't have many contacts in RE in the area, and I would like to speak with someone who has a better understanding of property prices in Fairfax, Prince William and Loudoun County.

Develop a relationship, see if they’re savvy, and if they know real estate most high quality lenders will spend extra time with you making sure that you are organized in the best way possible for them to give you money.

Reasonable price and quality work.Thanks ahead of time!

I won't speak about process, because it will be different where you all live.But I did want to comment on your calling it a lose-lose situation.