The response I get back is either no experience, since I'm new, or loan is to little, just barely 100K.

I could barely come up with $1000 at the time (TY VA LOANS!)

Its cheaper through my husband's work, but just barely. 

In an effort to keep this post from going too long, the best plan of action is to speak to a very experienced lender and allow them to review your entire financial package as none of us lenders can give complete accurate advice without receiving full voluntary participation of a borrowers financial information.

Your method seems great as well, but may require more "active" participation since you or your Dad would need to manage the managers.

All information about Fannie Mae non performing loan sales, including dates and how to participate, can be found here http://www.fanniemae.com/portal/funding-the-market/npl/index.html 

This goal is inspired by my grandmother who lived in a retirement community that she loved, but still needed a bit of help to live independently.I am looking forward to participating in the Bigger Pockets community.  

I know some auction platforms only allow the banks to participate (auction.com) and I think it sometimes artificially inflates the price because Joe Homeowner cannot sell his home on the most popular online auction platform but his bank can if he decides to walk away from his mortgage.  

@Jack B. are you looking for properties in Lakeland?  

@Jeremy HeidemannBoth 401k participant loans and home equity lines of credit can be good sources of financing.