A little about me...Bought my first bank owned foreclosure about a year ago and renovated it myself from top to bottom.

I'm actually curious since I have surgeon family members.Passive 8% does sound better than the bank though!  

This purchase would not be to acquire a great deal of income but to have a vacation home in an area we will enjoy for years to come.

I would do a bank loan with 10% down and 5.5% interest.

This is essentially what banks do.  

I enjoy meeting new people and am currently seeking a mentor to help me get started.

It looks like they have failed to make payments since April (we have been paying rent on time, auto-withdrawn from bank account).Ideally:  I'd like to have the loan/trustee waive all fees and interest, potentially lower the asking price ($10,000 discount on a $160,000 outstanding balance of a home that would likely appraise for $185,000) and we'd immediately go through the purchase process as is.Do I need to bring the Trustee into the discussion with the owner at the same time to make this deal go through?

@Laura Sulak If you were able to listen to the podcast, I hope you enjoyed it and found it informational. 

Miller, Haviland Ketter CPA's are the best... and can handle both MO and KS for taxes... professional and won't break the bank . 

I assume the bank needs to pay the amount accrued up until the trustee deed being filed.