Then they buy something and it's a nightmare to them because it does not match up to what they had in mind.This is why it is critical to work for somewhere for awhile in that industry to get a grasp on it or have some option period where the seller shows you the business but you have a chance to back out within the option period. 

Someone is going to criticize me saying photoshop but I'm saying do it!

It's critical you use a Realtor who has experience with REOs.

I've been looking into a few in the San Antonio area (we are nearby) as well as out of Texas such as the Midwest, but it seems hard to have a good critical appraisal of a company from afar. 

By defining who is responsible for what, staying accountable for that function, and staying in one's lane is critical to valuing the contribution of each partner. 

I've been investigating the idea of looking for off-market pre-foreclosure properties specifically, and I'm wondering if anyone has any tips or stories "from the trenches" regarding how to do this successfully and how to avoid any critical pitfalls. 

@Andy Vasquez Lots of constructive criticism in this thread.

Preparing for that next property is just as critical as putting in the right offer with the right financing.

What I put below is not in any way prescriptive, but maybe it will help you think critically and creatively as you take steps towards being a real estate investor. - You're a young dude.

That is why having a solid project manager when you are doing a long distance project is critical as well as a contract that has specific milestones defined, draw amounts laid out and penalty / incentive clauses that all parties can agree upon before the first boot hits the property.Hopefully your PM has given you a detailed summary of where things are, what the timeline to complete the remaining items is and what the delays were that impacted the 5/15 target completion date.