I would assume some sort of legal process is also required to gain possession back on the property ?

I would recommend any job or business for that matter that pays well and responsibly save your money and build your credit until you possess the means to purchase.

@Todd McLochlinNot to hijack the thread but how do you deal with the possession issue in GA where you get a redeemable ownership interest but no right of possession until the redemption period is over?

There is literally no limit to the things you can learn here if you spend the time and possess the initiative!

The listing agent informed me that the bank has taken possession of the property within the last week.The NOI is approximately $30K; includes a lease of one bay to an emmissions facility.

You should have possession of your property back sometime around mid March. 

As a FORMER agent/realtor it is my humble opinion that becoming a successful agent requires only a few basic skills that most humans already possess. 

The insurance company, in return for a premium,  agrees to defend any imperfections that may arise up to the policy amount for 25 years which is the maximum statute for adverse possession in Texas

What about obtaining title insurance and ultimately getting possession for the property?

In my state, you can get a possession order when you complete a foreclosure.