Hello BP Family,After researching, analyzing many deals, networking, and understanding potential markets around me, I’m finally taking a few steps forward.

Echoing what others sayGet the info (12month+ rent, etc.)Underwrite it to see if it makes senseAgent (if it makes sense)See what the current tenants want (are they moving out, are you going to have to evict, m2m or year lease, etc)Make offer (they will more than likely counter so in my opinion don't go in with your best and final)Make best and final (and stick to it!!!

The tenant may like that the owner is finally fixing up the place and will be ok with paying $100 moreThat being said, your rents are super low

This is not finalized but in process. 

Insurance doesn’t protect you from any part of the sale or acquisition of a property (e.x.

Insurance doesn’t protect you from any part of the sale or acquisition of a property (e.x.

I wish I were, but I’m just waiting for my employer to relocate me to a less expensive area than New Jersey so that I can finally owner-occupy a home instead of renting.

Finally, I have been talking to a few people regarding financing for the land and build costs but I have been having trouble finding terms at a reasonable rates.

I had three years interning in the field and I was getting BLOWN up by offers from various Mortgage companies, so I finally decided to cut my losses at $40k of debt, enter the work force and stop racking up debt that I'm really not deriving direct, tangible value from. 

Pre-forclosure is a Zillow term and only means that someone is falling behind on mortgage payments - it's a long way from there to actual forclosure, then sheriff sale and finally (a year later or so ....)