.- Gated community and in a reasonable HOA. - The home is 2 payments behind and already got a letter from the lender about future foreclose.

Hello BP community!

Which is also one of the 3 fundamental needs of a business most often (customers, product/service, place of operation). 

You've come to the right place - I suspect you'll receive many, similar messages from others in the community and a variety of offers to help.Have you looked into fix & flips or long-term rentals (aka BRRR)?

For value add you need to buy deep, have reputable contractors, and understand different financing products + creative finance.  

Hey @Jean Romelus Lisma, welcome to the BiggerPockets community!

They are much more reasonable and are more intertwined in a community than some lender states away.

It's a very local question based on the comps and active/recently sold inventory inside the community.

Don’t overlook small rural communities.

This tactic is unlikely to be productive when there is a large delta in rate.