The way my first real Estate trainer taught us is that every Condo owner owns the whole complex, including common areas, along with all the other owners, and you will own the right to occupy your unit within the complex.
The problem with buying foreclosing homes is mostly access. Is this Realtor going to secure access to the home before bidding? How? And if so, does his fee include a detailed inspection of the property, but a professional inspector? I have worked with an investor who flipped properties before. He would see the property, but he had to look through the windows to see the shape of it. He would take the risk, and he would do the bidding. All I did was check the market value of the property before he bid (no fee), then list and market them AFTER he was done with remodeling. This was someone who had a successful remodeling business for decades. And even he lost money on some properties, by finding much worse problems than he could spot without the full access to the property.A lot of foreclosed homes these days do end up on the market. That's when we do have access to them. Have you considered that instead of taking such a huge risk?