. #3 just looks like bad clip art.

I think i would give the refrigerator and the washer/dryer would be an optional buy negotiable during lease commencement...my 2 cents and also what has been the trend of the demographic of tenants would play a role in the final decision.

There are requirements that if you have a modification program, you solicit the borrower for one and provide them time to return a complete package before you can commence or continue with foreclosure (End of dual tracking) but, there are no workout requirements.

For example, hopefully you have a provision in the lease to recoup costs and reasonable attorneys' fees as a result of commencing an action against the tenant (usually reserved for the prevailing party).

 I'm a retired IT guy and following a long time dream of commencing real estate investment.

The process is very much like that which you read about here on BP for many U.S.A. states.When the mortgage goes into default and, after the lender and owner have exhausted any other options, the lender will begin the foreclosure process to take possession of the property.1) In Alberta, the conventional first step will be for the lender's attorney to send a "Demand Letter" to the mortgagor advising them foreclosure proceedings are to commence.2) If the mortgagor failed to pay the arrears as instructed in the Demand Letter, the lender's attorney will next serve the mortgagor with a Statement of Claim.  

A new contractor has just handed me some paperwork to sign; the Notice of Commencement, which to my understanding, is required that I sign, and a builders permit that he wants me to sign and have notarized prior to him doing his part.  

Upon drafting all the paperwork, the sale doesn't commence until the buyer "exercises" the lease option, which triggers a transfer of ownership. 

Every inspection I've been at (at least for a conventional or occupied home) the seller's agent has been there to at least touch base, and ensure things commence smoothly. 

It comes with the stipulation that they pay on the day rent is due or eviction will immediately commence.