Buyin neighbors property... will be in foreclosure.

[Pablo Mendez]

Hello. I want to buy my neighbor's property. I have spoken with him over the past several weeks. He will file for bankrupcy in the Spring and stop making payments on his home while it goes into foreclosure (to save money not making mortgage payments) 

How can I prepare to snap up this property when it gets near getting foreclused in 9-12 months? 

223 Cherokee Drive

Worth $250K

Mortgage balance today $195K