Some mortgage servicing companies will allow a "one time recast" meaning the borrower will pay down a large sum and then re-amortize the loan based on the new mortgage amount. 

Two military bases nearby.Value: $300,000pre-foreclosurePurch price: $250,000.

This costs roughly another 50 - 100%% on top of the base salary.

Their primary goal is to offload the property, not to hold onto it or get the best possible price.If you're considering making an offer on an REO property, it's advisable to approach it with a clear strategy:Research the Property: Understand the extent of repairs needed and estimate those costs accurately.Know the Market: Determine the after-repair value of the property to ensure your investment makes financial sense.Submit a Competitive Offer: Based on your research, submit an offer that is competitive but leaves room for the necessary renovations.

This can take some negotiating on your part.Another approach is simply look for a lender that does't base the loan on your income.

A good lender will tell your your best options based upon your deal design. 

Based on your numbers above I cannot imagine any of this would be an issue however as your DTI should be fine, but no one can give you definitive answers without an application.2. and the last sentence of the above IS the way yo insure a smooth process.

Based on what I read your investment was essentially an unsecured debt for the company which invested in secured debt.

It’s based on the cap rate which the owner can control by increasing rents or other revenue generation in the property.

So, I always recommend that investors choose a place they can be successful, rather than a random market thousands of miles away that they picked based on some formula.