But not for the appraiser. if it saves you the next 2 turn overs you already break even and you probably get get a little higher rent.

At the end of the day, as long as you have the zoning you just need to go talk to your city planning/building department and tell them what you want to do.

"I'm sorry you are going through tough times; I want to work with you to help save your home from foreclosure please call to discuss options."

These are great but they are all in the Smokies a traditional vacation market so we are looking to diversify and move into some other markets.We have quite a bit saved up from the cash flow and recent cash out refis. 

Hey everyone, if I’m planning on trying to land a pre foreclosure home to wholesale, would I still use the usual 70% rule to calculate my MAO?

I'd walk over to 305 Central Ave and talk to a zoning plan reviewer.

So what's your next actionable step and when do you plan on having it done? 

My and my soon to be wife both graduated college at the same time and we make a combined $150k/year ($75k each) We are still living at home with our parents to save money, and we want to build wealth in real estate. 

If you plan to put it on the market, I would say better to do it sooner rather than later.

There are many ways of planning your estate.