These cases having a way of going sideways and new owner (you) can inadvertently step on legal land mines or fail to follow some obscure procedural rule of court, resulting in delays or much worse situation.If your reason for attempting to do this yourself is curiosity, merely ask questions to your attorney.

@Tamika Rue, while people at the courthouse might know their internal rules and procedures, they do not know the law.

Every little detail from finding it, to the rehab procedures and acquiring the GC, the financing and refi and where it stands currently from each one's rent to any obstacles you have while owning it today. 

Yes, it depends on your state procedures.

Is it a standard procedure to ask for 2 bank statements and 2 pay stubs.

Eldred.Not so much as a cover to cover read but as a point of reference for Real Estate terms and procedures.

I always appreciate advice, but after consulting several local Realtors they all seem to agree that when an offer is presented to a bank their procedure is simply not to take a deposit till after a bid is accepted.When it comes to private sale offers you are all right in that a deposit can possibly be tendered.Those are the facts in my area.

You want to close whatever "loophole" found in the screening process that allowed for such a tenant to be approved.If the PM placed this tenant, you might seriously consider interviewing other PM companies to hopefully identify one that has a handle on better screening procedures.

As an Accredited Investor, every investment offer I have ever seen has always had this defined mechanism and procedure in the investment of when an investor can call on funds, and I have never seen anything of at-will, ever.

I wasn't even clear at the beginning about what the testing procedure was or how the mitigation effort would go if it was needed.