I would think this defeats the purpose to assume the mortgage of the mortgage holder who is foreclosing? 

If rents are high you may have higher vacancy and visa versa.

Most banks will not accept cash deposits by someone other than the account owner holder or a atm card holder  for the account.

So posting here, if anyone is still looking for it:For a property under loan (with\without entity), if sued, the first right of payment would go to bank, since Bank is first lien holder.

I believe the first step is to check with your current mortgage holder and see if you can remove the MI.

Visa holders who are legal  to work will have SSNs and you screen them like any other applicant.   

If they forgo their fees in exchange for equity, then they can participate as equity share holders in the amount that their fee would normally be, but they just get paid at the end.You can ultimately propose whatever you want, but each party brings value to the deal and should be compensated accordingly. 

I think in the '80s we didn't even have debit cards, just cash.I was making about $500 a week, so I did the Bank round-robin thing (see above), deposited a thousand bucks in a CD, got $1000 loan, paid it off in 6 months, then applied for Visa or MasterCard through the bank unsecured.But to get back to bad credit and how to make money in real estate.If you go to buy your commercial banks you're going to need a credit rating with a good FICO.And you are going to need 20% down if it's an investment property or 3% down through FHA programs up to four units.That said, how can you make money with BAD credit?

Even if the tenancy law in your jurisdiction is very explicit about obligations, our observation has been a magistrate is likely to take a paternalistic position vis-a-vie the tenant; give them a tongue lashing; and let them off the hook ... very much like the scenario you described.That is precisely why I advocate working with the tenant rather than being pedantic about the terms of the lease.

If the owner passed away, lien holders can file a claim when a probate opened.