I'm presuming that he wasn't even in the property management business.

Try having fiduciary interest for two parties with [presumably] opposite goals...one party wants it to sell as high as possible, the other wants to buy it as cheap as possible.Anyway, moving forward perhaps it makes sense to take sick time from work to get out early and check out the property so you can comfortably make an offer.

It is basically a political response that sounds good, but in reality it is an attempt to presume that all buyers who are involved transactions where there is a borrower in default are somehow fraudsters.

Notice to quit(1) A tenancy may be terminated by notice in writing, served not less than the respective period fixed before the end of the applicable tenancy, as follows: (a) A tenancy for one year or longer, ninety-one days;(b) A tenancy of six months or longer but less than a year, twenty-eight days;(c) A tenancy of one month or longer but less than six months, twenty-one days;(d) A tenancy of one week or longer but less than one month, or a tenancy at will, three days;(e) A tenancy for less than one week, one day.(2) Such notice shall describe the property and the particular time when the tenancy will terminate and shall be signed by the landlord or tenant, the party giving such notice or his agent or attorney.(3) Any person in possession of real property with the assent of the owner is presumed to be a tenant at will until the contrary is shown.(4) No notice to quit shall be necessary from or to a tenant whose term is, by agreement, to end at a time certain.(5) Except as otherwise provided in section 38-33-112, C.R.S., the provisions of subsections (1) and (4) of this section shall not apply to the termination of a residential tenancy during the ninety-day period provided for in said section.Based on this, it looks like for month to month occupants, 21 day notice is the appropriate time for Colorado, but I wasn't sure if there was any specific code that needed to be followed in Arvada aside from the Colorado text above.  

And that presumes you'll self-manage or you'll be spending a good chunk on management too.  

Admittedly, I know nothing about "customs" in Virginia which is presumably where the property purchased was located.  

However, I would never presume to know what is best for you.Tax considerations are secondary to the 1 vs 2 decision above. 

Looks like you're from Elk Grove so I presume you have a good handle on Sacramento.

@Tanner Fox i presume you mean a listed bank owned prperty or do you mean bidding at a foreclosure auction?

Love the trayed ceilings in the what i presume to be the master bedroom and that bank of 4 widows in the living room (?).