@JO DIXIT   Jo no disrespect but how could you not have learned this going through the licensing procedures etc etc.

You need good procedures in place. 

"Effective July 21, 2011, the Real Estate Settlement Procedures Act (RESPA) will be administered and enforced by the Consumer Financial Protection Bureau (CFPB)"

The statues will spell out the auction/sale procedures, redemption periods for the owners, how interest is calculated, fees, what other liens stay with a property, how tax lien foreclosures work and the steps you need to take, etc.Do you know the area you are investing in?

If the owner gives you title, you can't foreclose since you don't hold a mortgage.You can't force the bank to do anything, and when they foreclose you'd be wiped out too.Tax lien sale procedures are area specific, and you'll have competition.Even if you had a mechanics lien it'd be useless, as the mortgage is superior to you and it would stay.

If you have it in your lease and follow that procedure according to your state law then you can exercise that right.

I am surprised by the amount of new investors who accept the trade procedures as described.  

You are also going to need to have policies and procedures in place so the tenant doesn't think that it ok to call you at midnight because their A/C is not working.  

Any changes in procedure, paperwork, restrictions I should be aware of?

Having no experience in procedures, I would like to offer this deal to an experienced investor-providing that is Is a deal, in exchange for teaching me.