While they are touring, inquire about what businesses they plan on running out of the property.

Are you planning on taking out a loan for other property purchases?

I do not want spend my W2 income to cover house mortgages, to not have pressure if things like layoffs will happen, so my plan is to buy house in a good neighborhood that may have appreciation and some minimal cash flow after all expenses (management, maintenance and vacation).

Unnecessary costs for a cash-out or HELOC doesn't make sense unless you plan to live in the house for a few years.  

I wouldn't even bother asking for comps or how much they think the repairs are, it doesn't matter what a wholesaler comes up with, a real buyer will know how to assess on their own how much the repairs will be and thus how much they can pay for the house depending on their business plan (either to fix up and rent out, or fix up and flip/sell). 

- What do you recommend as my game plan to land my first rental property within 12 months? 

Conventional route would work for your 4-unit plan, you on't have to worry about a self-sufficency test going that route like you would with FHA.

It is my understanding that if you enter into the lease knowing of the foreclosure and placing a tenant anyway, then the lease is essentially deemed invalid as you and the tenant knew that it was a matter of time before they were evicted.Also there is an assignment of rents in residential mortgages as well, and doing this may open you up to a lawsuit by the mortgage holder since you essentially stole potential rent from them.And finally if the plan is actually to buy an HOA lien and wait until a foreclosure, I think that falls under unethical practices and would never do that, or encourage anyone else to either.

- What kind of plan are you buying?

Despite its awful reputation, I see great potential due to its proximity to key attractions.I'm reaching out to ask: Are there any plans to revitalize this neighborhood?