Set solid goals for what you want to achieve with your investments.  

Some foreclosure auctions require the full balance to be paid in short order (e.g within 24-48 hours).

Also, the CoC should be much lower than the number above because it does not account for the already spent $500K to purchase the lot/property.Given that developers continue to build similar properties in this area (example), it is clear that they achieve profitability by having much lower construction cost.

This sounds wonderful, but we are ambitious and believe that we can achieve this goal much sooner with the right guidance and direction. 

You need a minimum loan balance of $1MM.

Pretend it's a debit card and pay that balance down every month. 

Here are the numbers of the deal, experience eyes and direction is what I am looking for in regards to setting an offer amount that makes sense for its current worth. 6 unit owner asking/LOI has agreed to 600,0006 unit - 3 2bd/1bth, 2 3bds/1bth and 1 4bds/1bthtotal rents+laundry = 60,100 current/ pro forma= 70,200 (this can be achieved without any upgrades)expenses = 23,000 currentNOI=37,100 using the cap rate (.09) method of valuation = 412,222Got cap rate from a local CRE agentBuilding is 100% occupied.

Also, have you been able to achieve a blanket loan secured against multiple properties to avoid multiple closings? 

It's much easier to balance now, despite me originally thinking it would be harder.

You can take action to achieve the goals.