Taking action is the most important step in this whole process.

I do this once I get goo tenants in place after an initial 12 month lease.  

How do you initiate the transition from renting to buying for the tenant?  

My understanding from talking to other investors is that if you initially state that you plan to pay w/ financing, and then change your mind and switch to cash, you are still allowed 45 days.The 30 / 45 day clock starts when HUD/Sage signs the contract, not when the offer is accepted.  

We hear some of the broad strokes of the steps taken to get to a particular point.  

NYC is tough but so are we, so I'm sure we can find deals...I have a few cash buyers but at the end of the day, finding the property is the hardest step...good luck guys!

Martin that networking and developing strong relationships is a key first step and that those efforts with networking will likely be rewarded with these kinds of amazing opportunities.

What would be the next step once I see something that looks like it has potential?

@Lyuba BarringtonFull disclosure from the initial contact is a must.

And if you're open to a word of advice to be afraid to take that first step!