how do i handle this?

Generally until that foreclosure suit is final the property still belongs to the original owners and you can buy it from them.

And my second question (i know a lot of this depends on me) but is this just too big of a project for a first timer to handle?  

We have simi;lar strategies in mind but we would definitely need to think through all the possible scenarios and how we would handle each one if it arose.

Your PM will handle the tenant selectionConnecting with local realtor involved in purchasing investment properties will handle the offer, escrow and closing process.  

65% seems like a very reasonable LTC, but you really have zero control over how the asset is handled after you invest if you're a passive investor.  

Regarding what kind of cash-flow or ratios you need to retire and your concerns with future CapX, you should also plan ahead to have a reserve in the bank to handle the unexpected stuff.

It's the National Association of Residential Property Managers that most of us (good) property managers belong to, and it's a good place to start to get a few company names for your first interviews.If you go to the Home page and click "Search for a Member" it will give you the option to choose a state or a chapter.

They will probably want some history of how you have handled other obligations.

But they usually handle large size projects.