First off, all the foreclosure information should be readily available through the County Clerk, / Records, to find the owner you can do a skip search,  I would hold off on any other purchases until you find the owner of the house, they are probably out of town owners. 

My advice is take what you can get and see what is available on the market.Good luck.

There are much straighter and lighter trees that grow faster available for dimensional lumber: firs, spruces, and various other pine species.The rafters are not the biggest issue here -- a sturdy rafter structure is to be expected in a pre-truss structure, where simple solid rafters in line hold up the roof, not a complicated structure of thinner sticks taking up lots of floor space in the attic.You need to look at the attic floor from below carefully.

I know you’re not talking about quick flipping, but the fact that you would be making cash available to yourself that, under normal (non-fraudulent) circumstances, wouldn’t be available tells me your plan would not work in the long run. 

Please let me know what are the options available or is there anything else available as a better option for investing?

@Bryan Devitt Available cash on hand is $0 would it be possible to find a private lender get a loan large enough to pay off the seller & rehab the property find a tenant & refinance it to 90% of its market value then cash out equity & pay loan back from private lender?

Only about $80k available on the HELOC though, so I'm stuck trying to find something in a C location preferably around here. 

In September I am already booked with $550 expected cash flow and still 15 days available to be booked.

If you're available this week or next, please send me a private message and we will coordinate.Looking forward to meeting!

Brian,There are conventional 30 year term loans available to single family investors who do the BRRRR approach.