If it creates a possibility of loosing the property, then in my opinion, you shouldn’t be investing period. 

Lender will expect a ton down in payment and want a shorter amortization period maybe 10 to 15 years max and a personal guarantee from you.

Some states have a redemption period that the borrower can "buy back" the house from REO if they come up with the funds.It's the in-between step you seem to be talking about: using bank financing to BID on properties going to sale.

I’m doing driving for dollars for the first time and I’m trying to be as efficient as possible.

And if I didn't have to pay the seller for 5 years, I could earn a lot more money in that period than the money I lost up front by selling the property for a lower amount.Is this possible?

Hello,Can someone give me an example of when the late fee would applied as wells as the 3 day eviction and grace period after the rent is due?

More than anything this will keep you motivated and reduce the trial and error periods  

@Lee Hughes, you really need to run the numbers to see what the pay-off period is.Rate on a jumbo loan is ~4.55% right now, so you're fine rate wise.

At which time you can tell them "if you leave like you promised, then I will stop the eviction"Then the ball is in their court because after the notice to quit period is up you can start the legal proceedings whenever you wish.

If you have $600K they will actually give a line of credit of $3MM with a draw period of a year at a pretty good deal, I think pre-payment is allowed after five years.