Unnecessary costs for a cash-out or HELOC doesn't make sense unless you plan to live in the house for a few years.  

I wouldn't even bother asking for comps or how much they think the repairs are, it doesn't matter what a wholesaler comes up with, a real buyer will know how to assess on their own how much the repairs will be and thus how much they can pay for the house depending on their business plan (either to fix up and rent out, or fix up and flip/sell). 

Conventional route would work for your 4-unit plan, you on't have to worry about a self-sufficency test going that route like you would with FHA.

The plan is that I would refinance after the property rehab to pay off the HELOC and the rehab costs, then probably just keep it as a DSCR loan or refi into a 20% down conventional.

This year we plan on doing several spec houses assuming we can get financing lined up.

It is my understanding that if you enter into the lease knowing of the foreclosure and placing a tenant anyway, then the lease is essentially deemed invalid as you and the tenant knew that it was a matter of time before they were evicted.Also there is an assignment of rents in residential mortgages as well, and doing this may open you up to a lawsuit by the mortgage holder since you essentially stole potential rent from them.And finally if the plan is actually to buy an HOA lien and wait until a foreclosure, I think that falls under unethical practices and would never do that, or encourage anyone else to either.

- What do you recommend as my game plan to land my first rental property within 12 months? 

You just need a plan to pay it off. 

Despite its awful reputation, I see great potential due to its proximity to key attractions.I'm reaching out to ask: Are there any plans to revitalize this neighborhood?

- What kind of plan are you buying?