It doesn't matter whether it's foreclosed or not, just that the price/condition/location combo works for you.

I hoped this helped a bit, I will ask my co-workers at the Funding Warehouse tomorrow for a better and clearer answer, they should have more knowledge on this matter.

Its just a matter of writing down what you guys will agree upon and moving forward.

it is a matter of knocking on doors and playing the numbers game.  

The depreciation hit is going to happen whether it's financed or not, it's just a matter of whether you're going to use other people's money to keep your cash-on-hand liquid and ready to invest elsewhere.

Think compensating factors with derogatory information obtained, the source of it, weigh the validity of the matter. :)

If you take matters into your own hands you could lose you case, you could lose everything you own, you could receive jail time, and more importantly you could lose your life.

Do you still need advise on this matter?

So I'd suppose it would really be a matter of doing both, gaining experience, and then doing the evaluation as constraints are met (at which point it would be straightforward, having experience)."

You're not going to get top $ for this property, no matter how much you pour into it, because there is commercial on the 3 other corners.