I inherited some high value assets and stepped them up it also allows the ability to start to take depreciation on the stepped up basis. 

Do we look at this as more of a long term asset that will cash flow more at the 10 year mark or a short term one where we can get some passive income each month?

Generally, it takes a while (1-3 weeks) from the date of the foreclosure to when an asset management company receives the asset to manage and has everything it needs to proceed with an eviction, if necessary.

I would keep the cash liquid and use it to acquire more assets.

It sounds like you have a solid plan to build your portfolio, and I'm sure your experience with property management has been a great asset to your investing career. 

With the custodian approach, they hold the funds, sign every document, cut every check, and receive every deposit.If your investment interests are more dynamic, and will involve multiple assets or assets that require a lot of transactions such as rental property, then a plan offering checkbook control such as an IRA-owned LLC will be more more effective and efficient. 

The best and highest use might be redevelopment instead of re-stabilizing the existing asset use.

Slim profit margin, any repairs costs have you going negative, upcoming vacancy costs will have you coming out of pocket, and the asset isn't appreciating in a way that will generate profit.

This strategy is not perfect for every acquisition - since purchasers of LLC membership interests are purchasing both the assets and the liabilities of the acquired LLC, it is important for the purchaser to conduct adequate due diligence to minimize the risk of any undisclosed liabilities.

Or are you house hacking to maybe get less cash flow but to buy an asset that will give you good appreciation over time and good tenants?