Depending on the State in which the property is located, foreclosure starts through a judicial process or a non-judicial process. 

I'd be happy to give you some insight on the market here and get you some good contacts out here to start building a team.

I plan on starting out next year with a small plug and play solution to have minimum risk.

We have renters there now and they cover the mortgage with a bit of cash flow ($100/month), but the property is going to need some more major updates (windows, roof, HVAC, siding) within the next 5 years as they are starting to be at the end of their useful lives.We would like to pay off our primary residence as quickly as possible to “free us” from mortgage payments on our primary residence.My questions are below:1.

I think you should start by understanding what it is your investors want out of the deal, analyze how the returns compare to traditional investments, and then see where you fit into this deal. 

Adding the 1 & 2 bed option is a great start, have you looked at pricing and dropping it further than your peers?

Lenders or investors who have short lock up periods but have years of experience feeding their business with new capital would give me more comfort but anyone who is just starting and is promising a rate of return or return of capital in a set period of time would be alarming because they very well could be reliant on fresh capital to make good on that promise and that usually ends poorly.

I'll start there! 

Quote from @Jackson Harris: Hey Kai'ler for our STR portfolio and what our investors do is start getting it listed on Facebook/Zillow rental/Furnish Finder/etc now as a LTR for that time period you're talking about.

I've been going about as long as you have and things are starting to come together and happen for me here in Sacramento.