With exception of some closing costs being pushed to a later date the Tax benefits from my experience has been the same in either case to my knowledge but check with your accountant. 

If there is no other language regarding the financing contingency And they did not give you a notice of termination by 5/18, or get a signed extension, then they lose their EM. 

So you don't have the money and don't (yet) have the knowledge to overcome not having the money.Again, I love the enthusiasm and encourage you to continue on your real estate path.

You also would have a deeper knowledge of the laws regarding real estate, particularly since a portion of your practice now is real estate related.I may be mistaken, so please let me know if I am, but as an attorney, can't you use your law license to broker transactions? 

I’m starting this discussion to hopefully have investors share their knowledge and experiences related to taking possession of REO properties that have occupants.  

I understand you can be very knowledgeable and prepared but I haven't made any deals in the past or have any rentals under my belt.

Take advantage of all the free resources this site offers you such as the blogs, podcasts, articles, and the extensive networking opportunities that are available here on BiggerPockets.

Take advantage of all the free resources and knowledge on here. 

You will find a great amount of knowledgeable people and information on this site.Look forward to hearing about your success.Robin

I can give you more accurate info with the knowledge..