., Maryland, and Virginia and what steps did you take to be able to do so?  

@Odie Ayagaof course - if there's enough equity to cover the sum of all debts, there's profit.the biggest challenge i find when i look at a foreclosing property is to "know" how many loans does it have, and so there may be an unseen debt from senior positions.of course i could run a title search but its not fun to spend a hundered bucks on every property only to find out 90% of them are underwater.

Hi Billy,Sounds like an ok deal to get your feet wet.As you listed out there are pros and cons to the nicer areas vs lower cost areas to invest...the biggest challenge others face in your shoes is actually pulling the trigger and getting the first deal on the books.

Or like what the step by steps may be during the process.

We stair stepped the rent up each month to give them additional time to adjust or find new housing.  

What's my next step?

If there is a large discrepancy between the adjuster's estimate and the restoration company's, the independent company will help explain why each step is necessary and work with the adjuster. 

Next if you inherit the house there is a free stepped up basis. 

My wife and I are looking at our first possible step into the commercial space in Dallas. 

(We currently don't have the budget to develop it ourselves, but that would be the next step. )Any ideas would be great!