@Jim T. added some excellent practical pointers.

My question is, how long from when they first receive that letter would I have to send the homeowner a letter offering to buy it, before the bank officially owns it and it is in official foreclosure.

Six other small things like working smoke detectors, and replace windows here and there2) 2009, $0.00Code 169017 - Repair or replace house drain to receive and convey discharges from plumbing fixtures to sewer.3) 2013, $0.00Code 169017 - Repair or replace house drain to receive and convey discharges from plumbing fixtures to sewer.

So I just received a message from a BP'er.

As an update, I received a copy of the rental license from the seller which in addition to historical zoning approval, confirms that the zoning is correct for its intended use as a duplex.

From my perspective, you should have no reason to question the ethical, moral, or legal act of your decision to receive prepayment of rent. 

Excellent rates.

For some basic education, this attorney's website is excellent, specifically this article about owner financing.

send him an email and tell him he has not given you the rent checks and if you do not receive the money with in 5 days you will report to the real estate commission in your state

I wanted to be as understandable as possible and decided to invest time into my post but I am yet to receive an answer and hopefully someone will please answer me.2: Yes, similar as what you said but as a total beginner in RE business and for worldwide RE.