Depending on how it works out, perhaps I can structure the agreement in a way so that I can be apart of the process and get some experience. 

My point here is I have no idea how to run a screening process and what all I need to do before I accept tenants.

This has been helpful in my thought process.

It would be most helpful if I could connect with someone to in lighten me on the process, or know of any seminars in the Houston area any info is very appreciated thanks in advance.

Any suggestions on the process?

Were in the process of obtaining a couple consultants or 'mentors' and we are currently looking to go to a REI club meeting.  

When a property sells at an hoa foreclosure, the underlying mortgage Stays with the property, and as always occurs, the lender then forecloses, or already had the foreclosure in process when the hoa foreclosed.  

This means $1k a month will start going into my savings for my next investment.ARV=140K-150K75%=105KOffer=95K /30yr / 4% Interest raterepairs/build-out approx=10Klets say if sold in 2 years approx profit would be 20k-30KI will also be able to keep more of my personal income cashflow of approx 1K a monthafter the build-out and tenant is placed in.and that goes into savings that in approx 2 years will total around 12K to 24K a portion of that savings will build the ER funds to maintain the property.lets say also if halfway through it I decide to move out and rent the otheradditional 3 bedrooms this will grow a monthly cashflow of $1,600making the property cashflow approx 1.5K monthlywith this process I probably do a refi after 2.5years and utilizeit as a tool to continue future purchases.

also do understand your banks loan and house inspection process.

Usually by the time your offer is processed, the original BPO will be more than 90 days old, and they will order a new one, which may even be higher.