Not sure how will it work if you want to target Midwest or other out of state properties. 

State up front you're a Coach in your post, then the obvious answer is yes from your perspective. 

I’m an investor from Toronto currently looking to invest out of state

I've been reading more about subject to and here's what I've learned:-Good for sellers who are off market-Have low to no equity-Have a mortgage with a low interest rate (less than 5%)-Be absentee or out of state (vacant property, or have a tenant)The buyer would then take over the mortgage payments, and have the seller sign the deed over to the buyer.

Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

As an out of state investor, am looking to work with wholesalers, agent or bird dog who can walk the ground .

The smaller more nimble banks such as state chartered or regional banks are better able to service you.If the LLC that owns the property is part of a legitimate business, is profitable, then you stand a good chance of securing some kind of funding.

If there is no designation I would use an X as you stated.

This will allow you to get the sheriff involved immediately.If you are already past the notice period then you will probably have to follow whatever state laws are in place for the notification period and possibly the eviction process.

Do you have a internal memo stating such?