After a little research, I found that the property is in foreclosure under chapter 13.

Sullivan devotes an entire chapter to this situation in her book.  

If the property is in South Carolina, it in Chapter 45.  

I did find verbiage but from another jurisdiction "Unavailable for rent means a unit whose owner has filed with the code official a statement signed under penalty of perjury that such unit is not offered or available for rent as a rental unit and that prior to offering or making the unit available as a rental unit, the owner will apply for a Residential Rental Business License and comply with any applicable administrative regulations adopted pursuant to this chapter...."

If you were to read through the Chapter 3 Building Planning in IRC you would get a pretty good idea of many of the basic requirements.The best way to learn this quickly would be to take a general contractor test prep course. 

(a) A person may acquire an option or an interest in a contract to purchase real property and then sell or offer to sell the option or assign or offer to assign the contract without holding a license issued under this chapter if the person:(1)does not use the option or contract to purchase to engage in real estate brokerage; and(2)discloses the nature of the equitable interest to any potential buyer.

The mom and pop investors well we know they tend to run with social media and how some looks as we have seen with some of the SM stars that have their projects in trouble. to me this is just going to go to judgement then Chapter 7 .

You can join National at that link and then I'd love to see you join us at the Phoenix chapter.

I serve on the board of CFRI, the local chapter of the National REIA in Olrando.

I've been reading through the Self-Managing Landlord book from BP and the chapter I've found the most useful is "Creating Your Tech Stack."