Next I would recommend figure out how you want to split that $250k among the different real estate options and strategies (equity versus debt, core versus core plus versus value-added versus opportunistic, residential versus commercial, mobile home parks, self storage, multifamily, hotels, office, etc.).

Once it hits foreclosure is it to late to offer to buy his debt And get him out of foreclosure?

We wound up doing our own rehab on 3 units instead of 1 (and ran up some major credit card debt) That was the only down side. 

.- 30M/27F (Me and my wife)- No kids- No debt (besides vehicles and house)- I make 90k, wife makes 70k- Combined income: 160k- House value: 250k (when purchased, now worth 270k)- Mortgage: 150k- Equity: 105kSo with that, we are looking at selling our home and buying a 350k house and plan on having 2 kids within the next 5 years.My question is this.

(Only reason to sell is to access the cash equity to pay off debts and reinvest).

I have gotten an 80% LTV exception from them a couple of times but I had a really strong debt service coverage to compensate.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

You might try putting together a list of all the things that need to be done, see what can be handled and by whom other than a PM and perhaps eliminate the PM altogether. 

I have no debt, savings around 20,000 and growing. 

If you don't have enough Solo 401k funds to purchase the property as an all-cash deal, you can combine your Solo 401k funds with non-recourse debt to purchase the investment property.