I've never been evicted nor have I ever had to evict anyone so I'm unfamiliar with the process.At the very least, someone with this on their record was served an eviction notice, right? 

I'll show up to the mortgage foreclosure auction either way and see if they show and what they bid.My theory about what might have happened was that the foreclosure wasn't going through the courts because the guy disappeared off the face of earth and hadn't been served the papers after several attempts. 

I own a cloud-based bookkeeping firm that specializes in serving real estate investors all over the U.S.

You could also partner with a money partner, while you serve as the General Partner, responsible for operations and management.

As long as both owners are notified and served with the foreclosure, then the entire title should transfer to the buyer.  

I am just starting my REI journey so I cannot speak from personal experience on what I have done, but I used to practice corporate law and a LLC definitely serves a purpose.One thing I have not seen mentioned (though I might have missed it) is that you have to be careful not to co-mingle personal assets and you must treat the LLC as a truly separate entity.

Does anyone know any reputable assisted living management companies that serve NJ or Philadephia? 

I think personally for me, my purpose here on earth is to serve real estate investors like Dominic and hard-working subcontractors. 

Perhaps if the note was newly originated a one-year option might make sense.In essence, the option could serve as a bridge while the note seasons.I agree with your thoughts on introducing a lot of complexity -- hashing out all the details might only make sense for a very high-dollar note.

@Jack Anderson - I also agree with the other folks - you need a real estate focused CPA that really understands these issues and the subtle nuances involved in all of those different areas.Many CPAs are able to serve you virtually and you'll want to make sure you consider that as the talent you need is probably more important than that person's physical location.Best of luck to you!