Thanks for your response @Brandon Hall

If the tenant disagrees with your move out assessment, it is his/her responsibility to take you to court.  

Thanks @Ryan Cox and @Kaz Miyazaki for your responses.  

I know that every situation is different regarding who the borrower is and the foreclosure regulations regarding the location, but I was wondering how often it happens and how the process usually pans out when purchasing a non performing note (whether a failed loan modification or initial purpose for foreclosure) and issuing a foreclosure.

Join the community and build more relationships to get a warm response.

My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?

Thanks everyone for the responses!

@Chris MasonI have not had any issues with that because for all intents and purposes, it is a regular rental regardless of how old the people living there are and the insurance company doesn't need to know who I am marketing the rental to.  

Sometime listing agents like REO agents especially can be tough to get a response from.

Thanks for the response, its a very intriguing space and I think one that will grow over the upcoming years and decades.