There is no warranty and hence no recourse for you if the deal sours afterwards.A private money deal may be difficult to have as you would be transferring all of your risk to the lender as a clouded title makes for poor collateral

Was wondering how much time and money did it take to transfer that property?

An estoppel letter is typically used in a transfer or conveyance of real property before the Closing transaction.It is a document sent to a bank (or other lender), from a homeowners' association (or condo association), to a city/municipality, or a tenant requesting a payoff of a mortgage, assessments or taxes due, or rental amounts due on a lease, to incorporate these amounts into the Settlement Statement for the buyer and seller of the real estate.

If yes, they will allow for a one time rent adjustment upon transfer of ownership.

There are certainly some steps to go through such as negotiate the contract, conduct due diligence, settle the transaction, receive collateral, and servicing transfer.

I currently work in aviation and have been transferred to second shift where I only see my wife on the weekends.

If there is going to be a wraparound (or Subject to) mortgage make sure you buy a title policy through a Trust friendly (build rapport for future reference and deals) title company as to satisfy The Seven-Day Notice Requirement: Sec. 5.016(c): "where the purchaser obtains a title insurance policy insuring the transfer of title to the real property" Even then, you are still closing a deal without protection of your assets.

I work for a fortune 500 co. and can transfer virtually anywhere in the country.

After foreclosure Bank A transferred title to Bank B and let them deal with their own asset.That is my theory at least.

How does the owner transfer the note or land contract to me?