It's kind of a progression; just my opinion.Happy investing!

My current goal is to start evaluating properties in my area to get a feel for the market and the process in general.

You can gain some time on your purchase if you want to go under contract before your sale occurs by using longer due diligence periods, or extended closing dates with additional earnest monies down (if you use your own funds for this they can be returned at closing so only the exchange proceeds go forward).You can also generate some wiggle room on your sale by pricing and evaluating offers that come in.  

I'm new to BP as well, but look fwd to hearing how you progress.

I assume you have done your own evaluation based on low to mid range rents vs purchase price and it looks okay. 

For instance mine is based upon (it is still a work in progress) myself learning a skill that can be passed onto my children in order that they will be self reliant.

Have either of you had any progress with Malta?

There will be a way to track the progress of the foreclosure, and any auction date, through your local court house or trustee.

I agree that having details would help us evaluate your situation a little better.

Now, coming up with 20% for a conventional mortgage is a little tough, so I'm focusing on relatively cheap stuff (I know there are other options, but for now I'm trying to evaluate how far I can get with conventional).While talking to a friend, I had an "aha" moment - and please tell me if this is stupid/illegal.