You will likely get two different answers to your question, and it ultimately stems from your usage of the word "foreclosure".The word has technical definitions, and as JD pointed out, in a sub2 deal you don't have a security instrument that authorizes you to foreclose on the property. 

and also what are your suggestions for approaching creative financing if it was not ultimately stated in listing (in other words bringing it up as an option to the seller?)

I hope that helps.https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...

Time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

I have a very difficult tenant in another state and just consulted an attorney about a non-renewal and likely ultimate eviction.

From what I'm gathering on this thread, though, it seems like there wouldn't be anything to "preapprove" if the intent is to use a portfolio loan; you'd have to have a performing asset in place in order to demonstrate an ability for the investor or LLC holding the property to pay back the loan, and you'd run the risk of leaving all your capital tied up in the property if you were ultimately unable to get approved for that portfolio loan when the time came. 

Fundrise was created in 2012 and is better but still ultimately in the same boat.

It's about creating spaces that people love, enhancing guest satisfaction, and ultimately boosting our clients' investment returns.I look forward to sharing insights, learning from your experiences, and hopefully helping many of you thrive in your own STR ventures.

Ultimately it's a matter of preference and deal dependent, and inspections are not necessary if you're confident in the price you are getting

So I'm on Schedule C .... and my very expensive home ultimately generates a large loss.