Why I'm here:I've been passively interested in real estate investing for some time now and have finally hit a point in my life that I need to take action towards my goals or I may never do so. 

I would focus on repairing your credit. see a specialist (faster) or open credit cards little by little and pay them off each month. im not saying increase your spending, just saying instead of buying that tank of gas in cash use a cc and immediately pay it off. while your credit is repairing, start banking cash. build a budget and stick to it. 80K a year is good money, make it a goal of yours to retain as much of it as possible i.e. don't eat out, don't go to the local pub, drive a modest paid off car etc. once your credit is up and savings is up, use the 80k a year plus savings to get leverage. then use that leverage to buy your properties. if your looking for a get rich quick scheme, id advise u skip over RE. don't get me wrong, you can make money fast by flipping homes but you didn't mention having experience in that area so I assume you don't. another option if your really in a hurry is to find a partner with experience and cash, and see if you can buy into one of his/hers deals. you would have to market yourself for this and see what type of skills they may need that you have. maybe you can buy in and use your web development skills to beef up and/or maintain your partners website saving them money on outsourcing. that might be your ticket into a partnership. since you mentioned your helping your friend, maybe you can partner with him?

However, his options will lessen with a BK because the lenders can't apply conventional guidelines to the loan until the BK has at least a 2 year seasoning.BTW, the call to the lender to request a loan modification will most likely also delay any foreclosure action as it really is NOT the lender's goal to obtain the house. 

Our goal is to list it for $75K and split the profits 3 ways.

I have a goal of buying a duplex and living in one side and renting the other side.

Our current real estate goal is to build a portfolio of 30+ houses in the next 5-10 years. 

If your main investing goal is cash flow, and you intend to hold the property "10 years to forever", you shouldn't let a potential secondary benefit prevent you from purchasing. 

You need to have some idea of your goals too.

Its all about running your numbers.It sounds like your long-term goal is to have a large portfolio of rentals.Therefore, if the ARV of a property will generate a strong profit for you and the cash flow isn't great (or you can use your profits to purchase another property with better cash flow), sell it.If a property generates great cash flow for you, keep it.

My goal is to buy my first property (multifamily) within the next 6 months.