Am I better off waiting for the lender to win the auction and tracking down the heirs to buy their redemption rights?

This question would be easily answered with a call to the zoning, or building department.

Am I better off waiting for the lender to win the auction and tracking down the heirs to buy their redemption rights?

In the end it seems like you will win in most cases if you account for appreciation, less headaches, easier to increase rents every years and less vacancy.

I wasn't sure on how much the insurance would be but I plugged in the rest of the numbers that I got from the agent and its showing it cash flowing $2300 after expenses and then I would have to figure out the cost of the down payment but I'm thinking it would still cashflow $1000 easily after that expense.

You went in with an FHA loan and there’s not mandatory contingencies that could easily get you out of that contract?

I’m the agent and I love putting together deals to make it a win-win

We are easily able to break our lease for a months rent. 

The first 2 units feature double parlor/living room, which can very easily be closed off and made into a third bedroom.

We have successfully raised $1m-$2m easily in the past.. within hours of releasing deals not as good as this one...