You're spot on with that approach, but determining the outcome (accurately factoring in the profit potential and required time) clearly involves some significant experience - not the kind of thing I should attempt to plan for.

The homeowner was unable to make mortgage payments to the estate for over a period more than 24 month by the time she approached me as a mortgage broker for help.  

I want to take a pragmatic and calculative approach and get my education first, but at the same time I'm looking for properties CONSTANTLY.

I have been approached by a client has 13 homes for sale.

I want to make sure what I am getting into before I take the next approach.

I have approached his realtor about being the go-to realtor for my business because we get along so well, and she says she is very knowledgeable about creative financing.  

For a bit more rehab, could turn it into a 2/1 with an attached 1/1, and even reno the garage for another 1/1, with good rents over the winter months. 2) SCRAPE AND BUILD: On the other hand, I approached a high quality local developer who proposes we do a JV- I bring the land, he brings his reputation, expertise and oversight of the development and construction, and clients- he has several would-be buyers looking to build in the area.

2) How do approach the deal with the other party ?

There is only one foreclosure prevention approach that really works - pay the mortgage in full and on time every payment period. 

Hi ,I have have been buying & holding single family homes for 30+years as an investment approach outside my occupation as an engineer/consultant.