Keep in mind Steve on a straight sub to .. title has transferred there is no security instrument in favor of the original seller that allows them to foreclose.. there can be an agreement to deed it back etc.. but Bent individuals dont also do what they agree to do.

I've had this same situation several times.I've always started with a letter upon closing sent to the tenants introducing myself and explaining (without listing any individual names or specifics) that rents were very low and given expenses,   deferred maintenance,  etc.   

Buy process and rehab process.Find a good investor friendly realtor who can guide you.

I have a friend who have multiple rental properties and he's selling me this one to help me get started.

The idea is to offset my mortgage payments by renting out individual rooms.

Maybe you or your wife have a friend who could benefit from a lower cost of living.

Our close friends here have a home worth approximately $350,000 (in Panama, they adopted US currency as their currency, so all values are USD/Panamanian).

My friend bought a 3 bedroom townhouse there in the first phase for $200k.

.…. without a crystal ball it is impossible to answer.I have a friend that has a mortgage free1M dollar property he rents for 5K per month.

Any Referrals or Recommendations on Investment Friendly Title Companies, who have experience with Wholesaling.