Wow, didn't realize that people were overlooking Insurance as a solution.Requiring Renter's Insurance with a substantial liability coverage amount is needed.If you agree to allowing the pet's then this is a great opening to have them sign additionaladdendums and requesting a modification to the current lease for pet deposit or pet fee.The tenants changed the original agreement by adding pets.Hopefully you have the move in check list and/or pictures showing condition of property prior to them taking possession. 

It will be almost impossible to keep dirt, sheetrock dust, mud, etc from getting on their possessions too.  

You should also make it clear to your tenants that your insurance policy does NOT cover their personal possessions.

A landlord may not recover possession of a unit from a tenant under Subsection 6(A)(9) [8.22.360 A.9], if the landlord has or receives notice, any time before recovery of possession, that any tenant in the rental unit: i.

Taking their cash and letting them stay for 8 months is detrimental to them if they are unable to produce the income needed to maintain possession of your rental. 

I am very impressed with the amount of resources and the knowledge that the memebers possess.

If you are in continuous possession of the property for 3 years and have burned off all redemption rights, you would then file a suit to quiet title.

This home will be our second home, as we own a home elsewhere that we will keep.What I am looking to do is take over existing financing from a homeowner  that wants out of paying their payments (Banks really do not care who makes the payments), and have title of the property in my possession.

You especially want to be sure that you structure this carefully because in the event the tenant buyer goes delinquent you'd much rather be performing an eviction instead of a foreclosure to get possession of the property back.

Control now, with right of possession, delay set to for 12 months.