Hi Raj, although I am in the beginning stages of exploring the Atlanta market myself and can't give much insight there.

Lastly you can sell the property for enough money to cover the senior lien and hopefully recover your money back.While a rental arrangement might work, provided you disclose the property may be subject to foreclosure proceedings, chances are not often high for a tenant to want to move into such a situation.  

I am still in the beginning stages of trying to figure out how to pinpoint the right property/county.

At this stage you will be getting paid to learn.

So buying properties, rehabbing, and reselling will be a big part of this early stage for sure.

At this stage, this is the only way to not loose my investment in the property.

I have an Investor Website (squeeze page that I just created...still in early stages), I purchased the "We buy houses" signs to put around.

@Pete Ackers - The unit you've been speaking about, needs a cautious approach at this early stage.

@Mike HibbsRehab looks goodNot sure on the deal though - I probably would have waited for a conventional buyer than the rent to own type arrangement.  

Im looking at a los angeles county foreclosure list and i understand if you buy at the trustee sale all loans below the foreclosed loan get whiped away but what happens to the other loans if you arrange to buy the home from the owner before the sale?