With in 5-7 years I would like to be able to financially stable, that is to say that at this point I can cover all living expenses as well as be able to be able to purchase a car, or new appliances, or cover medical bills, all without having to worry about if I'll enough money to eat that week. 

Is it standard procedure for a bank to verify and clear all liens on a property before they list it REO on the MLS?

In addition to the book you've read, you may want to check out the Book on Managing Rental Properties, it may help you determine the right policies and procedures to turn that property around.

I am 59 years old now and I found BP about a year ago while medically recovering.My father has been in real estate buys and sells for about 45 years and he has taught me a little bit.  

I currently work in the medical field, but I want to start investing by years end.

I also went to college, not that it is mandatory, and I got a business degree that emphasized real estate while recovering from a medical priblem.  

My understanding is that the property owner needs a written document about the transition happening.Is there any standard procedure (e.g.

I also remind them of the agreement and late penalty procedures that are listed in their lease.  

I am a New York resident working in the medical field with a vision of one day being able to provide my family with more then I ever could being a real estate investor than an employee.

After the transition I took the job of renovating the old site to make a new medical office.