Many, to most, learn them along the way and without formal education. 

In states where judicial Foreclosures are the norm, LP's are likely the first clue that a lender is starting the process.

The tenant already knows I will be formally terminating the lease but I wasn't sure what the best way to delivery it was.

The Bank can't transfer title until & unless they get title after the judicial foreclosure sale, they can however, sell you the note.

Questions:  Can I inspect it and have a formal inspection before paying the 2K?

@Michael Schlink yeah, as mentioned above this is formally called a "wrap" transaction. 

This essentially is a formal signed paper that tells you all the info and details of the relationship with the current tenants. 

No other market outside maybe Florida (being a judicial state really screwed them up.) could have anywhere near the appreciation without being way over 2008 prices. 

Hi everyone,I was wondering if anyone can recommend any private lenders/hard money lenders for any properties sold through judicial courts, auction sites, etc.

We've decided to replace the carpet in the ADU bedroom, add carpet in 4 main unit bedrooms, and put down LVP on the only other bare concrete in the entry room and formal dining, leaving all existing tile.