They provide a format for calculating the bid but no real directions with it.

Did Wells Fargo require you to provide any local address?

I am already so thankful for the bigger pockets ecosystem in providing so much helpful information.

pre-foreclosure means a notice of default has been sentforeclosure means a sale date has been setAuction is the actual auctioning of the propertyREO is Real Estate Owned - the bank won the auction  What happens when the bank wins the auction... does it go onto the mls as an reo property?

With no experience and not crazy strong personal finances to pledge to the bank/lender, its doubtful many banks/lenders will provide the construction loan on a spec build. 

We also looked into Ron LeGrand's course for creative finance, the price was nice however, it seemed a little outdated (now we may be wrong).In an ideal situation, we would like to spend $5k or less on the course, online, with the chat-bots or a call-in line for questions with an extended expiration date to ensure my business partners and I have enough time to thoroughly study and take the course and also have the opportunity to re-visit if we have more questions later on. 

I’d let them go but provide them with help to move.

I can provide you some guidance.

Here are some quick notes that I can provide from the lender/broker perspective.

Without details on the property's current value or the purchase date, let's assume it's appreciated since then though.