Subsequent question: For anyone who does receommend notifying the tenants, how do you typically do this? 

When taking back REO's from foreclosure, I'll rehab the property, sell it on owner finance, then bring in an investment partner to cash out the all in costs and split the cashflow and subsequent note resale. 

If one appraisal comes in lower than that number, then likely every subsequent appraisal will, too.

The return does go up the subsequent years, although very slowly, assuming a 3% annual rise on rents, appreciation and expenses.

Yes, you end up paying for this in the prorations and prepaids, but if the property is cash flowing then you get to carve out more longitudinal margin and build up a little extra cushion by collecting rents on the first of the subsequent month without the cash outflow of a PITI payment.2.

Title company pull title and copy of recorded mortgage and any subsequent assignments

However, my son's death, and the subsequent divorce (and mental shut down) really hurt my credit. 

The Sponsor could be the original developer of the condo or someone that purchased the original developer's interest or a subsequent sponsor's interest.

But using the note to buy a subsequent property is probably a non-starter. 

If you represent yourself as an owner occupier and purchase it and subsequently flip it without the intent to occupy it and get caught, it could be a crime.