Possible Sub 2 Deal? Can someone advise?

[Rich Hupper]

Hello

I found a homeowner who bought a 2 family back in 2003 for 225,000. Due to poor management on their end they have defaulted on two mortgages.

I believe both of the mortgage debts combined equal roughly 215,000. 

ARV comps in the area go for 260,000.

The property is in rough shape, with 2 tenants who do not pay rent 

The property is on the way to foreclosure however I do not know if an order notice has been recorded yet at the registry. 

The sellers want out. 

Would this be a good situation for a subject 2 deal?

What would I have to do first? 

How do I get the tenants out and do I do that before or after the transfer of title?

Would I do a title search and get title insurance?

Thank you