My household income allows me to save $20k post tax dollars a year and ~40k pretax dollars per year for allocation to real estate rather than stocks/bonds & speculative instruments. 

When I run companies,we work off "revolvers" or basically lines of credit.... so if the "conventional" mortgage was such a great debt instrument,why do you think the smartest folks in business don't use them?  

The statutory definition of securities is as follows:The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

Cue the dramatic music and a small single woman racing through the night with her dogs and cats, in pouring rain and unbelievable wind.

You will likely get two different answers to your question, and it ultimately stems from your usage of the word "foreclosure".The word has technical definitions, and as JD pointed out, in a sub2 deal you don't have a security instrument that authorizes you to foreclose on the property. 

For purposes of this Section 19 only, “Interest in the Property” means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract, or escrow agreement, the intent of which is the transfer of title by Borrower to a purchaser at a future date.If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument.

I started going to college for Music, I'm a classically trained singer.

If the court is satisfied that it would be for the best interests of the estate, it may authorize the executor or administrator to complete the contract and to execute and deliver to the purchaser the instruments that are required to make the order of the court effective.

No loud music, parties or anything of that kind.The house was built in 1908 and not soundproof.She said she's talked to them directly and hopes that will solve the problem, but she starts school next week and is worried about her sleep.I haven't approached the downstairs tenants yet.There is a noise clause in our House Rules, which mentions "quiet hours between 10pm and 6am", which everyone has signed.I don't want to take sides or get in the middle of this issue, but I also don't want to risk losing good tenants (on either side of the argument).Any advice would be welcome and appreciated - thanks so much!

He said, when he was in music (50 years ago)  and ran summer band camps or had marching band at high school or college that he use to buy music/band books.