Since I am in Honolulu, I am trying to find an alternative.

I am in the real estate business so my choices may be a little biased but here they are.

That I now have a choice to keep the property in my inventory and then I read that if you sell it in a foreclosure auction that any cash collected above unpaid balance, fees, etc. 

Michael McCarthy welcome to the site.Parma is a great choice.

Orkin or Truely Nolen would be your two best choices.

plus of course you have that 14k rattling around in your pocket, rinse and repeat.These are fairly conservative figures but they depend on a number of important variables:The income and expenses are close.There's not a ton of deferred maintenance or building components at the end of their life.That the seller will accept 8% interest only (it's really pretty good compared to the alternatives today, maybe he'd even take less).That you can refi at 75LTV and something close to 6% in five or so years (with three or four years of solid operating history you should be able to refi... or sell at a nice profit).And of course that you can operate the property to those numbers.Good hunting-

In my state, CA, there are different level of powers, best evident by examining a document alternatively called probate Letters Testamentary (if subject the decedent's will) or Letters of Administration (intestate - no will).

Alternatively, you can always go the short sale or foreclosure route, but if this were me, I'd go land contract. 

The alternative is known as "transactional funding."

What is your gun of choice?