I didn't read the replies, crap happens, you will be ripped off, cheated, stolen from.  

@Andrew Kerr made some great points and I've (sorry, Andrew) stolen his thoughts around CAPEX, maintenance, etc. for other folks in a similar boat.

:cry: Mostly just stealing electricity, since their (stolen) generator had run out of gas, interfering with their party.The other question, "why would anyone pay $500K for a 2BR house" is more complex.

I did a quick criminal background check while she was on the phone, and discovered that the boyfriend had a extensive criminal history including a felony for receiving stolen property; drug convictions; and was just recently arrested for carrying a concealed weapon under disability (because he's a convicted felon).I told the woman that I couldn't rent to her because her boyfriend didn't meet our screening criteria.

We have seen in play many times that homeowners have been awarded money in suits due to personal heirlooms that were lost because the home was foreclosed on and the personal items we stolen/destroyed/damaged/etc.

The buyer did a final walk through and found all the copper plumbing stolen and the drywall ripped to shreds.He walked from the deal - felt sorry for the sellers, they didn't have insurance.

So, you will have to make the case that the home might be worth $75K, they will incur a bunch of costs to proceed with the foreclosure, and the house will end up being worth $50K after it sets empty for months after the foreclosure and has all the copper stolen out of it.

Help them stay in their homes, give them a break and rent to them when no one else is, give them a free car... whatever you think is going to help them.That limits how much you can lose on them, limits how much is going to be stolen from you, and probably limits the number of lawsuits filed against you if you run it as a registered charity.

Like stolen furnaces and wiring.

I had my pipes and AC unit stolen by of rotten DNA sacks for the few bucks they make and causing me much cost and stress.