This is a solid idea, I will discuss my options with my accountant, and consider it as I proceed along. 

We have a set limit that we have for credit ratings.

Unless something has changed they limit it to 90 days but there are people doing it now.

Still figuring out what area/s to focus on, though I have some ideas.

We aren't developers, but small bay industrial like this is a product type where there has been good demand (even through COVID) and usually pretty limited supply in most markets because most development dollars generally chase bigger projects. 

You can try and stall this and try and come up with the money but now that it is in foreclosure traditional lending is going to be a no-go so unless you know someone who will give you the $ or you have other real estate you can pledge your options are limited. 

Is this a good idea ? 

In 99% of cases the seller will pay the buyer's agent share of commission but not a bad idea to ask what happens if we find a property where the seller isn't paying any buyer's commission - in which case if you're working with the agent then you should expect to pay whatever fee you work out with them. 

Not saying this is a great idea but just trying to give an example of creative options.

Taking action now may be a good idea.