This specific property is local to me with an MLS listing. 

I imagine there are some very specific tax strategies for non-performing note investors. 

Feel free to PM me if you want more info on your specific project. 

I can put you in contact with our owner who deals specifically with investors and has a firm grasp of the area. 

I might reach out to you with some specific questions on that.

As is the case for many of us in California, investing here is cost prohibitive so I’m looking to invest in the Midwest and Southern US Specifically in major metro areas in Alabama.

Also, you may be able to take deductions since it's partially a rental (talk to a CPA for specifics, but I think I was able to deduct like 50% of the utilities, HOA dues, depreciation, etc (see here for more info since I could be totally wrong: https://www.nolo.com/legal-encyclopedia/tax-issues...)

Do I branch out to other neighborhoods or wait for this specific property to (maybe) come available?  

Of course, the main issue we seek to tackle is how to best limit the liability of the parent company - and the attorneys that we have spoken to claim that 1) "this is out of their league" or 2) are unable to provide any specific insight on the specifics of the legal structure.

I think it is going to depend on your specific area, the midwest is fairly large and prices will vary by location.