Then rent out 100% of the 4plex and use that additional cash flow to offset the new property. 

Ramin,In addition to what Patrick stated, understanding to cost to rehab the property is VERY important.

@Noah Farley In addition to Trulia and Zillow there are a lot of of smaller websites out there that can offer solid leads for these types of properties.

It was a simple letter with no additional details aside from the new loan number and address of the new bank.  

Also, in addition to Ohio, I'd suggest you consider a few other high-growth Midwest states like Michigan and Missouri.We've also had great success helping overseas investors build U.S. real estate portfolios.Connect with me here on BP if you'd like to discuss.

In order to avoid any Fair Housing issues, this really should come down to what do your published screening requirements state about a bankruptcy (in addition to credit, income, criminal record, etc)?

The other is much lower but is a fixer upper that would probably require work that would bring the total cost to be $140,000 with the addition of the money to do repairs. 

Additionally, Lowe's allowed me to use their 10% moving coupon on the purchase and I saved another +$200.

Just thought I should provide some additional details.

But the contract itself has a stricter timeline.I'm not entirely sure what you are getting at.You say "Right, but if there is 17 day inspection period and Sellers/Agent provides TDS on day 17" ... all this does is give buyer additional time to cancel since buyer has a certain period of time from receipt of TDS to cancel.If your goal is to give seller additional time to cancel then giving them the TDS on day 17 will accomplish your goal.The inspection timer starts upon sellers acceptance of purchase contract.Also, I'd have to go back and read the contract, but I think if anything 'material' pops up whether from inspection, TDS or otherwise buyer gets additional time to either cancel or seller to fix.