If I do end up getting this deal done I'll come back and let you know what procedure we follow.

Follow the eviction procedure exactly as your state requires.

Older vintage product which would be C and D buildings being by the beach most likely in an A to B location were built on more expansive lots as land was more readily available.In most area land is now at a premium so things are much more compact and tighter.If you have a bunch of land next to the beach you might have a re-development play in the future.7.5% CAP rate on that vintage of a building is pretty weak.Most with that vintage want a 9 to 10% return.To drop almost 133,000 into a property for an annual 5,000 return if everything goes perfect is crazy in my mind.With that much money you should be able to leverage yourself into a much larger project.Given the age of those buildings when you re-model you will have to conform to the new EPA lead certification rules and procedures which run the costs up.What about deferred CAPEX??

Had the tenant not responded, or if they did but I won, I would have had to wait for the set out to take possession of the property.So, you really must have a discussion with an attorney in your area who understands local procedures and customs.

Any special procedures that I need to go through other than just registering different shareholders for the company?

You have to know for instance if you are in a judicial versus non-judicial state and foreclosure costs and procedures among many other things.

It can be a slow, tedious process or it may go fairly quickly, depending on the facts and circumstances.The process and procedure may vary state-to-state, however the basics are that you make an offer and if accepted by the seller (guardian of the minor's estate) certain criteria must typically be met regarding price relating to court referee (appraiser) value and down payment.Your offer may not be the final one, as it may be possible for other to show up at the confirmation hearing and bid up the sale, however in many jurisdictions there is a minimum overbid formula that prevents other buyers from offering the "penny over" nonsense.Most of the time these sales are formalized and either listed through independent or contract broker/agents or the county public admin or guardian.If you're new to real estate, you may find the process frustrating however there are deals to be found.

California Civil Code of Procedure 1161.2 outlines what I said above.  60 days after the unlawful detainer filing, the information becomes public information in the court index.  

Now that the condo associations have tightened up procedures and qualify, prices reflect market value.

No idea, I imagine some rare issue with the first buyer’s account or some internal procedural issue....I wouldn’t spend much time on it.....you could call the clerk’s office if you wanted to.