just a mental exercise on how could one accomplish this.... 

I have both, and have exercised both of them in combo (along with my 401k loan) to execute cash deals.

If you have a loan on the property, technically the bank can exercise their due on sale clause. 

The problem comes when a judge without the legal authority to do those things, nevertheless chooses to exercise his practical authority power and do them anyway.

@Joseph Denesowicz You're already renting it, just ask them to do a rent to own for a couple of years and exercise your option to purchase as soon as you have the cash and can qualify for the financing.

What are my risks of buying a property which was sold at a foreclosure auction to one party (who may have made immediate improvements) and then the property was taken by a party which had purchased/exercised  redemption rights. 

Hello everyone that reads this,I'm reaching out to anyone that may have already done the math/thought exercise.

He claims if you can't take the 10 minutes to do this exercise, how can you possibly commit yourself to the hard work needed to succeed?

Raising capital is already a time-consuming, challenging, and risky enough exercise.

If you get over that large hurdle then a lease option can work if you actually save for the purchase and you do not get unlucky to hit a depreciation cycle.Both people I have known that have had lease options chose not to exercise them because of a depreciation cycle.