I'm aware that the two companies I've mentioned do some services for me but after running some numbers vs actions I still need to take, I feel like there might be experiences out there I can take and make my own.Ideally I want to pick up the phone, ask a pro a question, and have them do it so I can get back to business.Hope this serves everyone well.

@Ryan Mattson Thanks, I should mention that just like all FHA loans it is for your primary home for at least one year of residence. 

Nothing in the post mentioned what the balance owed is - just the amount to stop the foreclosure which could just be the arrears.My guess is that the monthly mortgage payment was less than the amount they proposed as rent; if they couldn't make that amount of payment while THEY owned it, what makes you think they will pay that every month when YOU own it?

But since you mentioned trustees... they would also benefit from a higher hammer price.

Taxes are straightforward as @Ali Boone mentioned, and the seller should have other expenses for you. 

If they make good money, and pay their rent (both the king and queen as mentioned) - they will most likely be good tenants. 

Go to the REIA in person too, there should be a way to mention what deals you have. 

Not to mention they actually cash flow. 

At least under GAAP it should be depreciated over its estimated useful life, like you mentioned.

I know you mentioned you don't itemize on your tax return.