(Like when someone comes right behind you and offers more than you did on the property.)Every seller you talk to, every offer you make, every effort you take is a potato.

Once brought current, you finish foreclosure from 2nd position and take possession of the property.The numbers need to make sense with the idea of still having enough meat on the bone (equity in the property) to make it worthwhile to hold as a rental, sell via creating a new note via owner finance, or REO sale on the open market.The time it will take to complete your foreclosure in this particular state will weigh heavily on this decision, as you may bring it current, but if it takes you another 8 months to foreclose yourself, the 1st may fall behind again and it may not be worth the effort.

While the global economy continues to view the U.S. as the leader in monetary exchange, there will be a desire to view the USD as a safety net.

There are efforts at the city level to revitalize the area and grants are available to improve the existing businesses facades in the area.

Waste of time and effort!

Virtually zero effort to use.

This is clearly a large project, but the pay day appears to be there to justify the effort.   

His equity was such that he might make a couple thousand dollars on the house after making the effort to fix it up and clean it, and paying real estate agents and other fees, so I could sort of see why he just wanted out.At first, I was planning to wholesale or bird-dog the house, just as a way to get a gentle introduction into real estate investing.After getting some advice on BP, though, I realized that if his only option to get out of the house with no work was selling sub2, there was no reason on earth for me to not purchase it myself!

In the long run as you gain experience what will more than likely separate you and determine your success (besides your own ability/effort) is the training. 

I would make a conscious effort to build my credit.