Get Power of Attorney for the property4b Have seller send “release of information" authorization to the mortgage holder on my behalf4c Seller changes mailing address on account to mine4d Include language that when I refinance, escrow goes to me5.Sell/dispose of home contents (he just wants to walk away; I intend to work with an estate sale company)6.

Takes about 4-6 mo.s depending on the county, and about $2k, if there aren't a lot of lien holders.

I did some reading and as Jon stated generally there are protections for lease holders.

He has proposed we somewhat combine these two ventures, in the sense, that we can cross sell all our products/services to potential home buyers (insurance side) and visa versa for those buying insurance we'll pitch them our real estate services as well, naturally only if they want it or it makes sense.Would there be any issues combining our two ventures together?

The main issues will be whether the foreclosure was done properly, and named all lien/judgment holders in addition to the previous owner.

I would do my own research the property and see what the tax bill owed is, the redemption rights and determine if the net price to buy out the holder of the tax certificate and the home owner and rehab and sales cost is significantly below the FMV then it could possibly worth it.Remember, the investment company has an interest in the property to the extent of the tax certificate and interest.  

Yes, there's a very good chance a holder of a non-performing note (especially in 2nd position) will take a discount (possibly a very large discount). 

Not a deal killer but a "tell me what is going on here before I put an offer on this".Let me tell you what no one else is telling you here:  If you cannot service the debt on the note to the lien holder, they take back the property and you are out all of your down payment.  

Charlie MacPherson the property is actually in Ri, current holder of mortgage is sending me a mod offer in the next few days, I'm gonna look that over and I also am gonna contact the city about taxes and condo association, it's a condo if I didn't say before.

I intended to bid up to $320M which would mean the senior gets paid but anything beyond that goes to subordinate lien holders so, I knew at $320M, my $140M was coming back to me.