I have a tenant that seems to always exercise this option. 

A Partnership on an apartment complex of 30 or more units would greatly enhance your endeavor to make it and also afford to hire a Property Management Company that would do the daily operations. 

I don't yet know about the health of the seller but this could be an interesting exercise even if I don't purchase.

just a mental exercise on how could one accomplish this.... 

I have both, and have exercised both of them in combo (along with my 401k loan) to execute cash deals.

If you have a loan on the property, technically the bank can exercise their due on sale clause. 

The problem comes when a judge without the legal authority to do those things, nevertheless chooses to exercise his practical authority power and do them anyway.

@Robert Ellis  Our Business Plan is to purchase Buy and Hold rental properties for longer term investment and to offset those with some Enhance and Resale properties. 

@Joseph Denesowicz You're already renting it, just ask them to do a rent to own for a couple of years and exercise your option to purchase as soon as you have the cash and can qualify for the financing.

What are my risks of buying a property which was sold at a foreclosure auction to one party (who may have made immediate improvements) and then the property was taken by a party which had purchased/exercised  redemption rights.