I know that every situation is different regarding who the borrower is and the foreclosure regulations regarding the location, but I was wondering how often it happens and how the process usually pans out when purchasing a non performing note (whether a failed loan modification or initial purpose for foreclosure) and issuing a foreclosure.

I am located in Atlantic Canada.

Not set on a location yet.

@Ramona Beyer,I agree with @Dani Beit-Or reply, the numbers make this a good deal, but however you have other due diligence that comes into effect to see if you should buy it (Location, Vacancy, type of tenants, etc) if you like what you diligence finds, then buy it.Now for your second question, i think determines what your interest rates are for you HELOC, if you would get better rates with a mortgage go with the refinance, also if your able to put some equity in the property you might look into a BRRRR methodCheers,Anthony

I would prefer private lenders but they can be difficult to locate, and so I'm looking at hard money.

Sure.Here's how I would put it together if we're claiming primary residence..... get a very well drawn out letter of explanation probably involving her office or location of work being near the subject property and have the employer document the request to be closer to work so the story flows and is plausible in the mind of an UW.Now if you're going to put down 10% anyway you could just structure it as a second home purchase as second homes can be purchased with as low as 10% down up to a max of 417k loan amount in most parts of the country and especially so in Los angeles, Orange county, San Bernardino, and Riverside, and Ventura counties surrounding you.

@Joel Owens I honestly wanted to get into Commercial real estate from the start due to math being my strongest subject and understanding, but none of the commercial brokers around me wanted to sign me on as brand new licensed agent with no prior experience. 

I think it's all area and location dependent.

What location lady are you looking into?

In most cases, you are correct in that you need to submit documents to the tenant within 21 days of them vacating the property, but there is a clause in sub-section (g) that states you must provide an itemized breakdown of all charges against a tenant's security deposit:"(g) (1) No later than 21 calendar days after the tenant has vacated the premises ... or not earlier than 60 calendar days prior to the expiration of a fixed-term lease..."