Oh, and does anyone know the actual legality of possessing bump keys?

This home will be our second home, as we own a home elsewhere that we will keep.What I am looking to do is take over existing financing from a homeowner  that wants out of paying their payments (Banks really do not care who makes the payments), and have title of the property in my possession.

If he is renting the unit until August 12 and has not yet returned possession of the unit to you, why did you change the utilities back into your name already?  

Next question, @Duncan Taylor: would adverse possession only apply to the previous owner and his time there?

You should also make it clear to your tenants that your insurance policy does NOT cover their personal possessions.

Also, if you took possession of the money from the sale, it would not qualify for the 1031.

It's state specific but to makes these loans you generally must have an NMLS license, which some HMLs possess, and willing to endure the brain damage, risk, expense, paperwork, and reporting required with consumer purpose loans.

If not, they'll give me a quitclaim deed.I can't seem to find out if the house was actually bought by the bank at Sheriff Sale and the junior lien wiped clean, or if something like a deed in lieu of foreclosure was how the bank got possession.

Buyer will be responsible for the possession of the property upon closing.

This seems like a risky deal, but a good one because there's someone who might have some title to the land who wants me to have it, the quit claim deed is so cheap and there are no back taxes.Note: I do not have enough capital to fund a construction project immediately, but I could start the adverse possession statute of limitations by fencing and clearing the lot.What am I missing?