An ounce of prevention is worth a pound of cure. ...I've bought properties with bad sewer lines, but I KNEW what I was buying because of the scope, and I factored that in to my numbers and offer...without the scope, I would have no idea what I was buying, and I would've wound up with a significant unanticipated capex.We inspect every other part of a property before buying.

It is delinquent enough (Greater than 90 days but below 120 days(can't file first legal until after the 120th day by federal rule (Except under very very specific circumstances)) to where the lender or servicer has sent the breach letter (Notice of pending foreclosure) with an expiration date that the loan will be referred to a foreclosure filing (Trustee/attorney) if the borrower(s) don't cure the breach within that defined period of time.* A notice of default is not a letter sent by a creditor saying they are late.

If you are "cured" of your analysis paralysis and have the capacity to stomach the project and the "issues" that come with it, I vote BRRRR.  

The one good thing about such a provision is that it allows the senior lender to start foreclosure (or notice of default/cure period) immediately.      

So when the foreclosure is attempted they end up getting cancelled and it creates the Zombie foreclosure.What would be interesting is finding a way to easily locate a list of zombie foreclosures.John I had my first one as well. got contacted and owner said bank just mailed the deed.. saying they delayed foreclosure to long.. the seller was about to lose it in 48 hours at tax sale  so I cured that.. and then did a JV with him taxs were 20 some grand.. 

Otherwise a simple $50 late fee penalty in the lease should cure you of this issue @Phil Shelton

If the dirt is amazing then if problem with the sponsor, the structure type, the tenant type, the debt type in the future you generally have options to cure.

In WA state, we are deed of trust state and non-judicial (with an option for judicial) and requires a Notice of Default (30-day cure period) and a 120-day Notice of Trustee Sale with cure period.

Or is it enough to give the buyer/vendee multiple notices, terminating with, "If the defect is not cured by XXXX date, the contract will be considered terminated"?

@Timothy Fortin Fully entitled well located land with a compelling investment thesis is the cure-all.