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Um, dude... that business isn't as easy as you make it seem. Those foreclosures are watched by a bunch of vulture RE investors with better connections than you could ever imagine. They'll usually get them BEFORE they even go into foreclosure, giving you zero chance of scoring the property. Once the property goes into foreclosure, there's dozens, and dozens of investors that have exactly the same plan you've got.
Dealing with those property owners before their property goes into foreclosure is one dirty fucking business. I mean, a lot of people think gay porn is dirty... but at least everyone I work with are willing participants. I think that takes the cake.
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