One reason is that it reverts to state statutes, and it's easier, if worse comes to worse, to evict on an oral, month-to-month.

@Nick M. that statute requires him to occupy WITHIN six months.

As always consult your local statutes, a RE attorney and other local resources to ensure this is actually a good investment for your family.

Does this 10 year statute period apply to bank foreclosed properties? 

Quick answer - Yes, you can you purchase a tax lien from the current lien holder and then foreclose.Look at the IL tax lien foreclosure statutes for the specifics but here are the highlights (and I haven't reviewed the statutes in a while so these comments may be outdated).A real estate tax lien on improved property in Illinois has a 2 year redemption period for the owner of the property.

Additionally, should current statutes stay in place, I am able to stay under my folks' Healthcare plan until I am 26I currently own a small independent wholesale distribution service, which I paid for with the money saved during my college years.

That starts the statute of limitations.

Also what particular statutes govern promissory note purchases (I understand each state is different but a general idea would help, or if you know the FL statute numbers, even better)I have also read that the original note contract may state that you cannot pursue a deed in lieu of foreclosure, but at this very moment our company is working with the lender to O.K. a short sale.

Weird I know, but without the OA, your protection defaults to your state statutes and you may not get the protections you need.

I had an issue with HOA it require mediation per Florida statute but I did above.