You would work with the lender to "short" what is owed to them on the note, so that you can buy the property for less than what the note actually is.Once the bank actually forecloses on the property and takes possession, it is called an REO (Real Estate Owned).As Tom already shared with you, once it is listed you would put in an offer with the listing agent.

You would also may have to sue for possession of the property -it is dependent on your abandonment laws.In the small claim court in my area, I have walked into the courthouse and spoke with the court clerk. 

However , a policy has an exception for future heirs or spouses having right of possession , but that policy was issued to HUD .

If they agree to all the changes you will be golden but now is the time to make the changes.The only way to avoid the issues in the future is to include in your purchase option vacant possession.

I know that the most precious asset we all possess is time and I am ready to cash in on that very principle.

In the end, you foreclosed, and took possession of the property.

Thank you for the input, i’ll definitely consider that once we take possession and meet with the tenants.

POSSESSION: Possession of the property and occupancy (tenants excepted), with all keys and garage door openers, will be delivered to the Buyer when title transfers.

It would be used in a long FCL state as a way have possession of the property through the FCL process. 

You could also do a purchase contract, possession prior to closing, go in and work, if you need permits he will need to get them.