A preforeclosure period of 120 days is required before a lender can enter foreclosure for lack of payment. 

I understand I need to consult my lender for an official answer.

I recommend checking with your lender about their specific requirements.

No challenges Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I've been a licensed lender since 2008 and have flipped hundreds of homes.

I know some mentioned about developing banking relationships and I totally agree with that, so here is what you do. 1) Open a business checking account in the name of your LLC to hold the assets. 2) Deposit your cash into that account to fund the real estate purchases3) After owning for 60-90 days, talk with a local lender about a line of credit against the 2 properties at 60% LTV. 4) After about 30-45 days, have the line open to use if you need that liquidity that you used, but until then you are not paying 7% interest on nothing. 

If you do find a hard money lender that will lend 100% of purchase + rehab, make sure you buy right.

Definitely would be ideal for where I am at right now, the hard part is actually finding a private money lender!

Just make sure to find a lender you are going to refinance with first.

With the right agent, you'll learn how to run the numbers and establish a network of lenders, investors, other agents, contractors...