Chances are extremely high that they will make their rent, surprise.I would then make it very clear that I will be letting them out of their lease and they must provide me official notice immediately that they will be moving the end of April.

I'll register and everything when the property is "officially mine" and the other more important details are filed and put away.     

My question is, how long from when they first receive that letter would I have to send the homeowner a letter offering to buy it, before the bank officially owns it and it is in official foreclosure.

Time to become an REI officially!

Both of you should sign this at your lawyers office to make it official. 

Should they set up a lease and make them official tenants?

Let them know you will have to do the official inspection after they vacate but this is a great opportunity for you to identify problem areas they may be charged for.Finally, the move-out date will pass and you have to determine if they are out or not.

I would delay closing until the tenant has officially left.

The sponsor claimed his CFO quit so he could not provide any financial info.They have not officially told me my investment is gone...but that is just a matter of time.

Also, if I am not officially on title how am I still able to sell the property?