If it was permitted and inspected, you're fine.If you're not confident about your ability to do the rehab correctly, hire a general contractor, licensed subs, and get permits for everything.

Are there any steps a buyer needs to take before having the ability to purchase/bid?

Chances are you will - have a deficiency judgement, - if there is a second mortgage you will owe that money, - the IRS views the debt as forgiven income (see a CPA), http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-- your credit FICO score will drop as much as a foreclosure,and - your borrow-ability with any government agency like FHA will be harmed for a long time.So what is left?

Derek,For a property with high growth potential (5th/park/madison quality), expect GRM in the 20's.For a normal property?

The problem lies in that your assets are in another country so the ability to chase you down for money if you vacate your lease early is minimal.

I believe the retail value suffers from bad schools and being on the "wrong side of the tracks" with no real ability to get to the cool stuff in Decatur without driving.

You need to have her give your permission to know some details saying you are willing to assist in her expenses and possibly helping with the financing.Then the MB can disclose her ability to finance and you can work out your deal to fit those needs.But first, you need a sale price, pull comps that you can show her and justify your price.

So I stay pretty busy, but I would definitely like to accelerate my investment growth and help you guys do the same and that's why I'm here chatting with you guys :).

I'm looking forward to having access to the MLS, giving me the ability to accurately comp and find details on pre-foreclosures.I'm also attempting to wholesale since it's 'low-risk' and 'low-startup.'

------------------------------------------------Unfortunately, he does not have such ability.