On the down side though, I just wish we didn’t have to deal with the new Dodd Frank regulations. 

If you don't follow the procedures to the "T" you leave the gate wide open for the tenant to bring in an attorney who specializes in wrongful evictions - and you know how that will go.

Pricing varies by state based on the legal procedure, area, condition, and many other factors. 

I post regularly regarding the rules and regulations. https://www.biggerpockets.com/blogs/3441-self-dire...

I think banks, almost all banks, have federal guidelines they must follow to participate in government sponsored programs e.g. fannie mae, freddy mac, FDIC Insurance, as well as a plethora of other government sponsored banking platforms.I'm not a banker, so maybe they can apply for a Mulligan, but it just seems odd in todays highly regulated environment that a bank would be able to walk away from a collectable mortgage, even if the cost of foreclosing was greater than the cost of walking away.

The property will be sold in an "AS IS WHERE IS" condition without either express or implied warranty or representation, including but not limited to the description, fitness for a particular purpose or use, structural integrity, physical condition, construction, extent of construction, workmanship, materials, liability, zoning, subdivision, environmental condition, merchantability, compliance with building or housing codes or other laws, ordinances or regulations, or other similar matters, and subject to easements, agreements and restrictions of record which affect the same, if any.

Isn't there risks on both sides of the table when using this closing procedure?

Guide to Small Claims Procedures: Collecting the JudgmentAs for turning them over to collections and/or reporting the debt on their credit report, you don't need an attorney to do that. 

There are strict procedures to follow (21-day notice) in order to place a lien.

Could anyone point me towards what regulations I need to be aware of for this setup?