I’ll certainly take this as a lesson to leave no detail overlooked and to approach every aspect of my agreements with care.

Even large and small businesses with intangible residual services like TV, internet, security, pest control or the local contractor with remodels in process could fall behind on payments revenue contract. 

They usually have a process for filing a claim with the city for damage caused by them, and they may be willing to cover it.

Leaving out auction and foreclosure costs for a second, when you write that check for $220k the trustee is going to pay BigBadBank the $175k they are owed first, then he's going to pay LittleBadBank the remaining $45k, and you will get a clean title as the process is going to wipe the slate clean.

My wife (who's from CR) and I are early in the process. 

I am currently in the process of identifying land for a purpose-built residential assisted living and memory care facility in Houston, TX.

Evaluate the situation to see if you could have done anything differently to mitigate the loss and implement changes to your processes, but know that this happens and hoepfully just not too close together. 

I'd really appreciate any insights or resources from those of you who have been through this process.

Alot of unknowns as you don't have the ability to walk the property beforehand, but interesting process, and pretty good deals exist there.While the Trustee Sales are cash purchases, there are many hard money options that can turn over the funds in time for the 24 hour funding required to complete the purchase.If you are interested, let me know and I can go into more detail, as well as make some other suggestions for you to consider. 

In the long run, I want to have properties that are producing strong cash flow (eventually would love to own small apartment buildings and syndicate larger deals), but it seems that focusing on cash flow and reinvesting those cash flows will be a slower process than focusing on properties prime for appreciation or with opportunities for forced appreciation.