THEY typically have a business plan in place, but if you can determine (via public record or via the broker) that an REO is or will be owned by one of these firms, you CAN make an offer to them directly. 

Cash flow positive" for rentals is determined from your tax return. 

I'm just trying to help provide for my family and notes "fit" the circumstances of my life as it is right now.Dion and Scott have given me the rest of the nuts and bolts to try and determine a way forward that (hopefully) excludes any close encounters of the worst kind with the FBI, the SEC, the CFPB, the FDIC, the DOJ, DHS (they are into EVERYTHING) and ALL their friends in acronym hell.  

There is also the distinction between passive custodians such as listed on the nuwireinvestor page referenced and advisory firms that implement and support plans offering checkbook control.I strongly applaud your desire to have the IRA piece figured out before pursuing opportunities, as that is critical to your investing success as well as IRS compliance.Check out a handful of companies, both on the passive custodian and checkbook control side of the equation.  

What is required and what is the determining factors like Credit Score range, income verification, letters of recommendation, etc?

They are very helpful to determine what you could do with a property.

Another aspect is here health and likelihood of ending up in a nursing home, that sale can come back in her determination of assets to qualify for benefits.

If it's condemned it has likely been determined that it is not habitable, not worth fixing, and must be torn down.

The biggest determining factor is whether you have applied for credit.

Sharing here for your convenience:The formula posted above by Account Closed is widely used for determining your max offer: 65% (or 70% as shown on the example below) of ARV, minus repair costs, minus your assignment fee = your max offer.The After Repair Value (ARV) is the estimated full retail price of the property after it is repaired and in "tip top" condition and ready for sale, and you would need to plug that number into the formula above.For example, if you determine a property would retail for $100k, you could use that as your ARV.