That's a major setback.

The company will work with the lender's loss mitigation department to work out different types of payment plans for the homeowner, the company has investors that will refinance the property, and they have a network of investors that will buy the property.

The vast majority of new investors fail in a short period of time because they pay too much for their property and lose money.Having said all that, there is good money to be made in real estate.

Be mindful of title seasoning issues specific to the lender you work with; a majority of conventional lenders require 12 months, but there are a handful of cos. that offer <12 months/< 6 months/no title seasoning to address this component of your plan.

The VAST majority of these new investors fail in a short period of time, so again, there is no exercise of the option.

The vast majority of newbies fail in a short period of time.

The building inspector and I agree that no major work needs to be done, expect for adding a "landlord" electric meter, cost ~1500.

Second floor in the research department.

It’s like going into the department store looking for something specific and the salesperson says “can I help you?”

This is EXACTLY what causes the vast majority of new landlords to fail in such a short period of time.