Originally posted by @Sinine T.

Average rent is $700 for the area but my realtor believes we could obtain a contract at $725 because of the remodel.

Originally posted by @Scott T.

I would also be interested in fix and flips to obtain more capital.I have a friend who is not interested in real estate and personal finance per se, but he does a lot of hands on work, and he said he would love to team up with me for some rehabs in the future.BiggerPockets, with all of your expertise, what do you think my first step should be?

If this indeed is a BK liquidation then the Trustee has a duty to obtain highest best offers which more than likely leads to smaller groupings.  

I am planning to obtain a realtor license.

Richelle T. 

I have my eye on another one but don`t have the required down payment so in 2015 I`ll reconsider it when I have the required amount.

Another option you have is to obtain a quit claim deed from the previous owner.

Here is my advice to you Mario T.