You could Buy it from the owner now if they agree, and you’re paying off the loan balance and any other debts.You can bid at the foreclosure auction, if you have the Cash on hand.After the foreclosure auction, if HUD gets it back, it will be listed, your agent would submit offers thru HUD Homestore, as @Brian Pulaski mentioned.

If it does change, what are the best practices, calculations/ number, and strategies to follow and ensure all debts are paid and the property properly cashflows? 

While you did not mention how many bedrooms or baths each unit is, so I cannot properly speak to the approximate rent, I am confident that it would not be near as high as 3500 a month.

If you have people lined up to rent, you are likely low and if no one calls, you are likely high, each assuming a healthy balance of supply and demand.How are higher prices achieved?

Should I pay off the 12k or just pay the minimum balance and use this money on a potential flip I’m looking into?

I am trying to find the remaining balance on a property that is in pre-forclosure.

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.I hope this basic guide helps.

I do not like unknowns.Now in five years you should have rental increases and loan balance pay down so even at a higher interest rate the payment might not rise as much.Remember lenders like to give just enough enticing terms where it suits THEM.

Does anyone know where I can find the proper info on this for Florida???

Assuming its best to do out of Austin proper due to prices and do flips to build up reserves to buy and hold eventually?