I am in NJ and we have judicial foreclosure (court supervised), but I believe that non judicial also allows for the owner to sell the property before the mortgagee (bank) try to sell it itself.Good investing!

Formal education is important but you can't beat the real life "education" you will get from being fully immersed in the field.

@Brandon Baker To be honest, we have not formally finalize the numbers.

For example, I'm a conservative investor, so I'm very picky and I won't touch notes that are in judicial states, have a high LTV etc.

Normally, the only time you'd offer cash-for-keys is to 1) get someone out quickly and 2) avoid the time/expense of a formal eviction.  

NON Judicial foreclosure.  

If you are liquid, look into the Judicial Sales auctions...

Sure, usually the smaller / self employed contractors don't provide "super formal" like was mentioned in a prior post for a simple electrical outlet. 

Just something else to consider... even if a community doesn't have a formal HOA, they may have "restrictive covenants" that don't allow short term rentals OR could be interpreted to not allow short term rentals (i.e.

State (judicial vs non judicial)4.