This should be clearly stated in your Offer to Purchase and the resident manager needs to be given a Notice of New Management and a Notice to Surrender their residence.If the PM is owned and operated by the owner and NOT a third party company, so much the better as the owner disengages ALL activity on the COE settlement date.In all cases, you have a chore to capture all documents in the possession of the PM and all keys for the facility. 

In joint tenancy, each co-owner's possession, interest, time and, title of the property is vital.

Those details will be worked out before anyone takes control or possession of the property to avoid the issues down the line.  

I spoke with the REO firm who told me that house was in HUD's possession as of Feb. 2016. 

The other house we have rented by the room this past year, was because we came into possession to have it leased for the academic year.

If the landlord proposes to retain any portion of the security deposit for rent, damages or other legally allowable charges under the provisions of this act or the rental agreement, the landlord shall return the balance of the security deposit without interest to the tenant within thirty (30) days after the termination of tenancy, delivery of possession and written demand by the tenant.

The HOA doesn't want to take possession of the property, else they would be still be out dues.In a similar situation a member was behind six months on her mortgage and her dues.

I don't see possessing an advanced degree as relevant to REI as I know there are many who have achieved success with little to no formal education but I guess fear has me clinging to the idea of needing degrees to make more money even when the money isn't guaranteed and the financial consequences are.

I have had people to tell me it takes up to a year to get possession.  

The assignment remains in your possession and for the curious sole that seeks to divine the owner of said real estate shall only come upon the name of your trust and its trustee.