They'll usually send a notice and give you something like 30 days to reinstate your coverage.

Make an offer on it at a number that makes sense for you and is cash-flow positive.

They say once you get to a certain position of success in your Investing career you'll realize your time is valuable.

I am in a similar position to you, where though I have a decent amount of wealth, I am far from financially free.

I rent out an apt/condo, I rent out the rooms.Utilities are included with the rent..When doing this it's important to put on lease your utility Caps and to be clear.For example for water my cap is $50 anything above it gets divided by 4 (each tenant)What I notice is very important to these tenants is high speed internet they typically don't even watch Cable TV.

It has forever eluded me how to get reo listings from banks. recently i noticed a foreclosed property get listed with a broker 80 miles away in a completely different part of the state.

Chase bank recently requested I add this into the listing agreement (LA) I have with the seller:  "SELLER MAY CANCEL THIS AGREEMENT PRIOR TO THE ENDING DATE OF THE LISTING PERIOD WITHOUT ADVANCE NOTICE TO THE BROKER, AND WITHOUT PAYMENT OF A COMMISSION OR ANY OTHER CONSIDERATION IF THE PROPERTY IS CONVEYED TO THE MORTGAGE INSURER OR THE MORTGAGE HOLDER.

You have to honor current lease.. if they seem ok then keep them.. give proper notice of renewal to your lease when that comes up and any rent increase at that time also.. if you want them to go you give them notice of non-renewal.Download your state landlord tenant laws and get a copy of the lease so you know current terms so you can have that all figured out. 

@Moe Bruenger@jordan coates If your county doesn't have website, call your county court and ask them about where the notices of default or call your county recorder and ask.

The question is why develop a park when you can buy a functioning one for less $ per lot and with positive cash flow?