My question is, how long from when they first receive that letter would I have to send the homeowner a letter offering to buy it, before the bank officially owns it and it is in official foreclosure.

Six other small things like working smoke detectors, and replace windows here and there2) 2009, $0.00Code 169017 - Repair or replace house drain to receive and convey discharges from plumbing fixtures to sewer.3) 2013, $0.00Code 169017 - Repair or replace house drain to receive and convey discharges from plumbing fixtures to sewer.

So I just received a message from a BP'er.

As an update, I received a copy of the rental license from the seller which in addition to historical zoning approval, confirms that the zoning is correct for its intended use as a duplex.

From my perspective, you should have no reason to question the ethical, moral, or legal act of your decision to receive prepayment of rent. 

My option document specifically says, The buyers will pay all closing costs.

send him an email and tell him he has not given you the rent checks and if you do not receive the money with in 5 days you will report to the real estate commission in your state

Plus provide the documentation showing and proving legal source of money.So what is really my question for you?

Also, I've already signed and notarized all documents on my end.

She told me we have 21 days to get them the money, but I don't know exactly what documentation I need to send if we deduct any money.