How do I foreclose when I become the mortgager assigned w/note?

[Rachel Johnson]

Need some guidance/advice!  I am in negotiation with the attorney who is processing the foreclosure of a property I would like to purchase for rehab.  I have the option to be assigned the note and become the mortgagor, which would then give me opportunity to take control of the foreclosure process.  There are no occupants to evict.  The investor/owner, who was going to flip as investment but now is not, is an out-of-state investor, and wanted to sell it anyway.  Technically it's abandoned, so I could get the right of redemption reduced as well.

My question is how does one foreclose? What are the benefits/risks of foreclosing?  I'm told it's tricky, but it can be done and I'd like to learn.  What do I need to know going into this?  Also, I am very interested in the tax benefits this could provide.  My other option is to let it go to sheriff's sale and if they are the highest bidder, they will deed it to me with sheriff's deed, which I know is a lot safer/easier for me.  But I'd still like to know my options.  Thank you for your response!!