Most people like to see 2% but not possible in all markets.Based off of the $1400/mo rent, using the 50% rule $700 would go out in expenses such as taxes, insurance, vacancy, maintenance and repairs leaving the remainder for debt service and profit.That would mean $8400 NOI Est.  

My experience is to do whatever negotiation in court and have their response recorded ( if they are leaving by when they will give you possession etc)

We will pay this debt off at the sale of this house.  

I've found a few properties that could have potential, but i have zero experience and am not really sure how to go about selling the property once in my possession.

If you have a HUD contract attached to the debt on the property and it's rent restricted, then you have no control over rent increases and in the long term as expenses increase you will be stuck with a negative cash flow situation.

If you have good credit and income and not a lot of other debts, the financing shouldn't be a problem.

New development once finished if you are all in at a 9 cap you can then either sell for a 6 cap or just hold the high cash flow with permanent debt and wait for the next cycle to sell.  

I have access to some financing, but am looking to be debt free by flipping houses in the next five to ten years.

I have good credit and no debt but I expect my personal income to drop soon (going back to school) which may make getting financing difficult.

It may be that they find it easier to budget with something physical in their possession.