This will allow you give a reference point on how much potential rent you can receive.

The new loan program allowing 5% down and renovation is an amazing vehicle....given you have time on your side, if I were you, I would find a property that needs a heavy renovation and get it completed before you even get there.I am happy to connect and make some introductions to some rock star real estate folks here in the area.

I was just wondering if there are any issues that wouldn't allow me to make this deal because it is close to foreclosure.

Existing operators have long established reputations and positive feedback earning high ratings and allowing them to top the Airbnb and VRBO websites7.

Am I allowed to reach out to the tenants?

At this point, the property exhibits completed updates, increased revenues, and appreciation.So, the best use of investor capital is to sell the property so that they can seek their next investment project.Once the sale is complete, investors get your original capital back, plus a percentage of the profits.While slow & steady cash flow can be nice, selling the property allows investors to multiply their equity faster over time

I would also make sure to know what type of financing you will be using--the traditional choice is a second home loan, but this doesn't allow you to use future rental income to qualify.

After that, make minor repairs as necessary as budget allows…fixtures, countertops, all that little stuff

What is he legally allowed to do in the company if we were able to successfully bring it to reality? 

If your situation allows you to go elsewhere I’d start looking for more favorable markets to start in.