Generally speaking, it is a good idea to record the deed of transfer in your local land records office (which is typically done as part of the closing procedure).

It's over, the county messed up the proper notification/procedure somewhere, you'll get your deposit back.

It's all spelled out on a HUD form called "Approval to Participate, Property Sales Information, Property Occupancy & Maintenance, Pre-foreclosure Sale Procedure".

The second best time is today.Unfortunatley there is not easy answer to your question witha 1-2-3 procedure and boom you are there.

Now I know one bad tenant can totally screw things up but with proper eviction procedure and the right deposit amount based on their screening I should be alright.

This is about the same procedure we use when we get deals from wholesalers.I agree with @Joel Owens about the benefits of partnering with people in your target markets.  

Provide them with factual information about the market, laws, and procedures to buy or sell a house, and then advise them on the best course of action.

All the PM can do is mitigate the risk of the neighborhood as much as possible using proven policies, procedures & experience.I also find it humorous when an investor who owns the ghettoist portfolio one can imagine will call me up & ask me if we will waive eviction fees for them if there is a certain amount of them...Lol no man, honestly I should charge you more every time for the added hassle.

If we are out of this deal I think I will go back to my normal operating procedure, which is to buy something that a homeowner has sunk some money into but now has to sell in a hurry.

It should be easy to research your local foreclosure procedures.