Not all lenders will do this loan, but it is easy to find one that will. I know Prospect Mortgage and Academy Mortgage will do this kind of loan. If it has been less than 90 days that title has been held, then most lenders will require for an FHA loan two appraisals and a home inspection report.
Depending on your age and amount of equity you have, you could possibly get a reverse mortgage. I am not sure how that would work if you are behind on payments. I know a good lender that does them. Contact me if you would like her information or talk to someone who does reverse mortgages to see if it is an option.
What kind of return are you looking for? Are you ok with something that needs a little work? You can find something in Riverside or San Bernardino County. I have recently helped buyers purchase and rent the following $86,000 condo = rents for $1050 , house $145,000 rents for $1350. Please email me at [contact info removed by moderator] if you would like me to send you properties like this.