Tenant in Foreclosure Situation, Want to acquire & Wholesale

[Darren Little]

My girlfriend is currently living in a rental where the foreclosure process has recently began.

Having yet to make my first real estate deal, this seems like it might be a prime candidate to do so.

She has been in the house for a year and another roommate has been in the house for two years.

We would like to leverage the fact that they have been in the house as long as they have to acquire it and then wholesale it to another investor, keep it and owner finance, or acquire, owner finance and flip the paper to another investor.

Thoughts? Suggestions?

Thanks in advance guys! (and gals)

EDIT:
The main thing in question is the acquisition of the home. The most simple form of acquisition is preferred with the least restrictions.

[Brian Levredge]

How much is the house worth? How much is owed on the mortgage and how far behind on payments is the owner? The lender isn't really going to care how long tenants have been living in the house and if the owner is being foreclosed on, they are in no position to owner finance your girlfriend. You could try to do a short sale or take over the existing financing subject 2 but you really need to know what the house is realistically worth and the loan balance, etc. If the loan is more than the house is worth and lender doesn't want to take a haircut, you don't have anything to work with.