It is a unique form of administrative foreclosure and has great value if you work it correctly. 

I do know if you have learned about that yet but you will learn the importance of having a Team that believes in your goals and are experienced in what you select.  

Select your area: Zip or RadiusSelect SFR (Single Family House) or Multifamily (or whatever inventory type you're trying to buy)Select Owner Occupied or Absentee.

Your just not familiar so it seems strange or unique or disgusting to you but you now you know .. its routine and to be expected if you want personal banking relationships and not do business with a computer..

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Screen applicants as normal and select the most qualified without consideration for the contractors offer.

Be selective about what clients you take on and domt expect to make much, but it will make you more efficient​ on your rentals.

There are some things you ought to do after you select your niche and market area but before you start making offers.  

This is where an experienced mortgage broker/lender could really come in handy for you as a partner because they'll know what the perfect loan is for the asset, because each asset is unique.

You must fill your pipeline with an immense of potential tenants and you will have the luxury to select from.