You'd be doing well if you could find something even slightly undervalued (which is likely your realistic best case scenario as an outsider coming into a hot sellers market), meaning that it will probably need a little work or updating.Lastly, whether you're able to find something technically below market value at all or not - I'd buy in a stable, desirable area/neighborhood.

Also if it is a bank overlay and there is a bank who will do it in 6months is it a bad idea or frowned upon to go to another bank in 6months.

If I didn't realize before that this was the expensive and slow way to go, I sure did after writing that down payment check.

@Nathaniel Birdsong if you can verify that the foreclosure process was never started or foreclosed on then you should be able to go conventional.  

I have been reading a lot of posts trying to decide what's the best way to go and I see pros and cons on both sides.

Plan is to go ahead and purchase, clean title and resell. 

Absolutely not.Another aspect of that, they can't take into account other aspects of desirability/lack there of.

My son has special medical needs, and as he grows he will need a specialized van to go on longer trips. 

I had the LLC setup and was ready to go.  

And the only 5+ that are not getting picked up are ones that a bank will not sign off on.So you are going to have a property that needs a lot of work and an owner who is desperate. 10k in the bank is not going to go very far at all- trust me on that one.