By surrounding yourself with like-minded investors and immersing into the world of real estate you'll be able to accelerate your learning and take the action faster!

In BRRRR, you buy a distressed property or at least one that has potential for substantial improvement, rehab it to build equity, rent it for positive cashflow, and then refinance out what you invested or more to have funds to do the next deal.

Either way -- I suggest you read the individual leases (not just one as they may be substantially different) to see how you can be in a position to get rid of the chronically past due if needed as well as frame for a future need of getting rid of the gentleman who is "getting back on his feet" in the event that he stumbles again.Good luck!

In my position, I have limited cash, I have about $15k saved and on average am able to save roughly $1k a month. 

So, if you are paying for a fair price for units in less than top condition and the rents make sense for the price (generate good positive cashflow), then you really don't have to worry about tenant turnover.

I would consider renting my unit out and buying another multi family (providing positive cash flow against that home) Any thoughts on how to tap into the equity?

Now the first position lender is foreclosing.

besides standard this is what I want: - Tenants actions (previous bad experiences)- FoundationMy current policy doesn't cover any of them, the foundation is the most vital part of a house and I am surprised they don't cover it.

If so, then keep moving forward, if not then save more emergency, pay down some of the leverage to get yourself in a more comfortable position.

I buy property with the intent of surviving a serious down turn by buying Subject To and selling to Tenant Buyers which protects my long position.