If you think the deal is good enough, you might be able get a hard money lender to take a second position lien against the subject property if you also let them lien your house or another investment. 

Maybe you can provide us actionable advice i.e. what to do, when to do and how to profit off this correction? 

If I'm not paying 30% below market value, it's a bad deal.Here's my question: How does an analysis with a -$647.84 Cash Flow / month have a positive $53,189.20 NOI?

Depending on how much is offered, 2nd liens position and guidelines, will determine if they will accept it or counter.

Just buy rental units that have positive cash flow on day 1. 

@John Krausman To be clear though: was the irs named and served in the foreclosure action?  

Is there any legal action I can take to have the judge rule quicker because all the offer I made to the tenant is not being answered and my attorney just want me to wait it out.

I strongly believe that even if I buy a cash flow negative property here, it will be positive within a few years.

However, with the experienced wholesaler you'll get to take action.

"What should I do to improve my position with my 40k in equity that has income with out a time constrant?"...............