Once you give those notices, you typically start an ejectment action instead of a foreclosure action to recover a possession.

especially if you are essentially buying what amounts to a condo unit of a retail space if I understand you correctly.you for sure what to get a good RE attorney on your side to draft the PSA and help you through the transaction. 

Building strong relationships with brokers was essential, as it provided access to valuable deals.

It is my opinion that you are typically far better off buying an existing ADU than building an ADU. 

The three tests outlined above are applied annually, so you may qualify as a real estate professional in one year and not in other tax years.It is also very important to document material participation.To meet the requirements of real estate professional status, it’s essential to keep detailed records of activities and time spent working on the properties so you can verify your real estate professional status in the event the IRS decides to audit your return.For example, you may keep a contemporaneous appointment book, calendar, or narrative summary of the time spent performing real estate activities.

C and B areas are typically where a lot of investors target, but everyone has different goals. 

It is my understanding that if you enter into the lease knowing of the foreclosure and placing a tenant anyway, then the lease is essentially deemed invalid as you and the tenant knew that it was a matter of time before they were evicted.Also there is an assignment of rents in residential mortgages as well, and doing this may open you up to a lawsuit by the mortgage holder since you essentially stole potential rent from them.And finally if the plan is actually to buy an HOA lien and wait until a foreclosure, I think that falls under unethical practices and would never do that, or encourage anyone else to either.

Typical issues that will cause friction: rent not being at market rate, how/when to do updates and repairs, late payments/missed payments, and plenty of other potential pitfalls.

Management fee is typically around 10% of the gross rent.

If not, a management company would essentially kill any margin you were making.