Bought a home (foreclosure) with a partner in November in Rio Rancho and after 3 weeks construction have it on the market.  

I'm looking for foreclosure and short sale opportunities preferably turn key with low maintenance under $60,000.

I believe that we are going to see another wave of foreclosures and short sales in the next year or two.

This is when the homeowner is behind on the mortgage, and the mortgage (note) gets sold to another party to either turn it around and get it performing again, or initiate foreclosure and take back the property.There are a few BP podcast episodes about this, and they are amazing.  

3) Should we pursue foreclosures, short sales, and traditional on-the-market properties?

Still have to look in more areas(foreclosure and agents) just need to find the deal.

Find FSBO's or link with a lender to start trying to dig into defaulting loans or to-be-foreclosures.

However we seem to have reached a wall in the foreclosure market with rehabs and arent sure where to go from here. 

Basically looking for pre foreclosures, foreclosures, probates, bank owned and auctions to start out with. 

Buying a vacant foreclosure that I am pretty sure it will not pass.