I've not seen any special provisions either.That question would seem to have an issue in fair housing, also if that student were also a covered applicant type leading the claim further. 

I know that a multifamily property with an FHA could be an option for us but in Northern VA, there aren't many of these types of properties that I have seen.  

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Do you know other investors that are interested in this type of rental property or are you yourself interested in additional properties of this nature?

Type of property?

What type of projects are you working on?

I am not sure the average investor really is able to evaluate most of these investments esp if they are just doing $5K in each deal type of thing.

At the very least, the local title company should be helpful, I would think.I would expect you'd need to involve some type of transactional funding so you can do two transactions: foreclosure to you (auction sale), then sale to end buyer.

But don't forget that at that price point and the unit type, and the average income in Aberdeen you are probably going to be dealing with C to D Tenants and will have higher costs.And then you have the condo:Rent is 1,740 let's assume the same 45% because there are some cost savings from being in a condo (but they come back as 'Special Assessments') for $957.  

There are a number of people who fund these types of buys that are legit including some of the better known people on here.