@Frank PatalanoI tend to study a subject or topic to the point of paralysis and I end up never applying the knowledge I possess.

Is there a way to take possession of the property due to abandonment?

The new law re-writes the eviction process by placing more hurdles (procedures) in the landlords path to re-possessing their property.

You take possession in 6 months.  

  (2) This  investor owns SFH's in a market that possesses the fundamentals but sells prematurely and fails to take advantage of the primary appreciation event. (3) This investor fails to recognize the equity generated through the primary appreciation event is better served being reinvested in more efficient asset classes that will generate a greater return profile after the primary appreciation event occurs. 

I personally buy buildings that either have limited commercial exposure in relation to the total units or building SF or alternatively buildings that possess commercial spaces that are large enough where placemaking can attract amenity tenants that benefits my residential real estate in close proximity.

It’s 2 years before you take possession on a house.  

.- Titled land/property in desirable areas is not cheap, and you better know what you're doing if you're buying Right of Possession land

How do I know when I may take possession of the property?

The winning bidder gets the right to possession, but usually cannot exercise DIY possession.