Much to be learned by investing out of state and it will only enhance your investing skills.

If the borrower defaults, the lender exercises the power of sale in the security deed, and auctions the property to satisfy the debt.

Another route would be that I actually do exercise my option and buy the property in the future when I have a decent down payment for the mortgage loan, and keep the property as a LTR.

@JD Martin I meant rest as in- like wanting to be on Social Media, watch Netflix, exercise.

Lenders are highly unlikely to actually exercise that acceleration clause as long as the mortgage is being paid.

You simply cannot do this unless you know exactly what's involved, and many times that means that you know exactly why trying to pay a third party to do it is would so likely be an exercise in futility that you either choose to do it yourself or don't do it at all.I have given up on exactly two properties so far and sold them before I rehabbed them.

AND you got a "free" roof/electric panel. ( you could also use this scenario if you'd rather install a solar carport or a solar patio cover to enhance desireability of home) Potential con scenario.

If you have a good relationship with the home inspector, the people could bounce ideas off each other and maybe even "enhance" each other's work. 

The IRS has 120 calendar days from the date of the foreclosure sale to exercise their right of redemption. 

It sounds like they would want to exercise at market price, if ever.