I'm also currently pursuing my CPA.

The competition has become so fierce that its hard to find one with enough of a spread to make it worth pursuing.

Quick pass.Cap rate is about 8% (and that is buying at 170k, as you mentioned).4 units means you should be looking for a minimum cash flow of $400, and you stated this deal offers only $200.You'd have to get the property for about $145,000 to make it worth pursuing, IMO.

If you want to pursue your license to help you find deals, that is great, but there is a learning curve involved in that as well.

Especially if the bank believes they can recover anything from this.Aren't there some specific instances where the foreclosure would have to be pursued in a judicial manner in your state?

You would be well to follow @Robert Leonard advice and seek counsel from a real estate attorney, if you are serious about pursuing this type of arrangement.Some attorney's will provide a free consultation and only charge you when it's time to draw up the documents.Create a post here on BP and request recommendations for Real Estate Lawyers in your area.

I have some time recovering from a serious work related injury and that her that zone out and watch television, I'm trying to better myself and get involved in something that I've always had an interest in yet no real time to pursue.

I recently decided that I want to pursue a career flipping houses.

Therefore below are 2 properties that are currently vacant in my area in which I'm pursuing to do a wholesale on as soon as possible.

I am brand new to the real estate community and I want to pursue this as soon as possible.