The taxes get paid to the city and the mortgage holder is screwed.

Get Power of Attorney for the property4b Have seller send “release of information" authorization to the mortgage holder on my behalf4c Seller changes mailing address on account to mine4d Include language that when I refinance, escrow goes to me5.Sell/dispose of home contents (he just wants to walk away; I intend to work with an estate sale company)6.

The main issues will be whether the foreclosure was done properly, and named all lien/judgment holders in addition to the previous owner.

Takes about 4-6 mo.s depending on the county, and about $2k, if there aren't a lot of lien holders.

I did some reading and as Jon stated generally there are protections for lease holders.

You could look for mortgage holders that have arms adjusting in the near future and owe more than the house is worth-- they would have limited options for refi and selling may be their only option.

He has proposed we somewhat combine these two ventures, in the sense, that we can cross sell all our products/services to potential home buyers (insurance side) and visa versa for those buying insurance we'll pitch them our real estate services as well, naturally only if they want it or it makes sense.Would there be any issues combining our two ventures together?

You should be able to verify ownership, and if the foreclosure has been completed, yourself.If it IS a short sale, all lien holders will have to be satisfied out of the sale proceeds, for an mount less than (short of, hence the name) what they are owed, and Yes you will get clear title.

If you're serious about Investing in the USA, you should upgrade your visa to Investor status at least and get yourself a SSN.

It sounds like you want to take over the original seller's position as holder of the trust deed.