What made you interested in investing in this type of deal?

@Quiche LynnIf a home is in foreclosure the options are to work something out with the lender, pay them the amount that is past due or file bankruptcyHow they get the money to pay the lender what is owed can be from any source, but unless that lender is brought current or has some type of arrangement they typically do not stop foreclosure

I think to determine whether you want to do this deal or not you need to look at your long term real estate investment goals and see if/where this type of a deal fits in.

What made you interested in investing in this type of deal?

I was thinking of renting for $1900 a month for 20 years, after 20 years the house would be their's, has anyone else done this type of for sale by owner?

Schedule E typically caters to rental income and certain types of passive income, while Schedule C is tailored for reporting profits and losses from a business or self-employment. 

Just to be informed what are the best type of referrals mortgage lenders look for or want?

Like Stephen said figure out what type of tenant you are looking for.

Ultimately it is going to boil down to personal preference and what types of rentals you have (As well as how many).DoorLoopStessaLandlord StudioRent ManagerAnd of course the tried and true - QuickBooksAny of these will work for simple accounting/bookkeeping but some will excel depending on if you have short term rentals vs long or a lot of properties.

Golf cart license are being restricted due to to many people, sinking foundations- either to close to unrestored sea walls or not enough pilings or fill dirt not allowed to compact, off grid experience, check on sewer and water infrastructure- when the water pump went out, the island shut down, the islands systems are being overloaded, what type of experience and thus rental rates are you shooting for?