You will be asked to disclose this during the application process, and not doing so is concealing a debt and would be fraud. 

Most likely the new lender is going throught the foreclosure process and typically will end up taking the property back.The original posters chances of getting this property back now is slim to none as it will be sold at market value.  

The work around is part of the application process is to tour the property, but still, why put yourself in that position?

So, he already had people & processes in place when he moved back to California and continued to DIY manage his rentals.- It's also interesting that he doesn't want to DIY manage anymore.

Pros: the cabin will be able to house our entire family, easy process to refinance.

My husband actually did this when he became a realtor and the process was very simple.  

At the time, I was not going to say yes to that and I began the eviction process.

I can walk you through one of our recent Equity Splits so that you can understand the process. 

Hey Adam keep grinding - it sure does take a village but each property you get the more you'll make and the faster the process goes. 

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.