Lest the hold over owner. totally trash you place.put concrete down the pipes... take all the appliances... etc etc.all of which has happened to me personally over the years.and you can get into some really hairy deals were one of the spouses never told the other that their house was in foreclosures..

when I started my project in Oregon I was across the street from Lennar ( production) I knew I could not compete I cant even build the homes for as cheap as they are selling them for.. so I went to Semi custom and my prices are 100 to 250k higher per house for the same sq ft.. and we have just about sold out..

Bedroom rentals is a great way to start and one of the easiest. 

Unless the foreclosing party still retains title, then the redemption amount is the loan Total Payoff.  

Commercial mortgage lenders don't like doing small loans, so this will be a lot more viable if the total debt amount being refinanced has seven digits instead of six digits. 

I spent 7 years writing farm and ranch loans for Idaho AgCredit in Blackfoot so totally understand the hurdles farmers face, let alone beginning farmers.

This is $75,000 of total losses between these 3 properties. 

But be aware your town could try to regulate septic capacity with the number of allowable bedrooms if they start to regulate AirBnBs.

Yes he has to buy the spouse out, either through sell, HELOC, or refinance and then the question being with the equity how would you best utilize that for starting into real estate investing? 

I have some liquid cash in my U.S. bank account and would like to start investing in real estate.