I’m also in the process of launching a new home inspection company, which I’m confident will help me get back on track financially.

Leaving out auction and foreclosure costs for a second, when you write that check for $220k the trustee is going to pay BigBadBank the $175k they are owed first, then he's going to pay LittleBadBank the remaining $45k, and you will get a clean title as the process is going to wipe the slate clean.

@Kana Watanabe I have seen @Christopher J Driscoll Designs for his ADU and they are amazing, He has gone through the process of speaking with a lot of GC's in the area so hes a great resource for all of the above.

If so, does anyone have any referrals to help me with the process?

Even large and small businesses with intangible residual services like TV, internet, security, pest control or the local contractor with remodels in process could fall behind on payments revenue contract. 

What's a friendly foreclosure process?

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

For example Delaware has additional default rights and processes that an investor can follow if they feel they are not getting old books and records.

Everyone in real estate will be incentivized to upcharge your friend along the process hurting profitiability. 

I imagine the whole process is simpler but can anyone tell me how different it is when you don't borrow the rehab costs?