If I am the winning bidder but do not " like" the contract, can I back out?

If lender cannot seek liquidation of collaterals securing loan and no one is up to wasting money to open probate in order to have standing, only to facilitate a no-win short sale?

Excellent post Christian

If you are really unlucky she will end up suing YOU as a slumlord and she may win!

The primary house is in an excellent location walking distance to shopping, restaurants and metro, so I know that a long term hold may be worth it.

There is no win but lots of lose in this type of situation. 

As I was driving home from work tonight listening to Bigger Pockets Podcast 143 (which was excellent if you haven't listened yet) @Brandon Turner brought up a very interesting article that just came out on Fortune.com regarding Wall Street's housing bet not paying off.

., for trash removal, elevator replacement, roof repair) the investors get a great price and excellent performance.  

Win-win.

I appreciate the warm welcome.Thanks Sam for the excellent advice, I knew about the occupancy status but I wasn't sure about how the banks' viewpoint is on the matter, valuable tip there.