At $1.4 million that is a very different market than your normal "bread and butter" house and it would be wise to seek the advise of people who have experience in that niche. 

He has a great program that deals with performing notes. 

Never trust Zillow, never trust Zillow, never trust Zillow and do not trust ARV's from wholesalers, make sure you or someone trustworthy performs your due diligence. 

I would suggest you learn them well and use them accordingly.The ability for you to walk in as a new owner or property manager and turn an underperforming asset into a market – performing asset is always a benefit.

I suggest connecting with an experienced investor in your market to advise you on your first potential deal.  

You would think they would want to get a non-performing asset off their books immediately, but like @Troy Norwood said sometimes they sit for years without anything being done.  

Have non-refundable earnest money that keeps growing with contingencies in the original agreement and with each extension they ask for.Have a (right to continued marketing clause ) where you can kick out their offer if they do not perform.

None of my properties do, and the capital tied up in them continues to perform just fine.That said, it's more difficult to find a property locally where the free cash flow is better than, say, the dividend income thrown off by investing in a Blue Chip dividend mutual fund.If you're looking at small Multifamily properties locally and want a first pass "rule," I suggest using a GRM target of 12-14 as a first screen, assuming you're looking for a property that will throw off free cash flow with a 70% leveraged mortgage.If you want to more than basic long term buy it and hold it, you can do it.  

I stumbled across a parcel of land that seemed to have potential, and I performed the requisite preliminary market demand and economic feasibility analysis.

Can you please advise how I start to build a team I can trust.