Also check in the LEGAL or Homes For Sale section of your local newspaper.

Separation has no legal consequences where divorce does.Is bankruptcy an option?

and if you have an option to buy you have the legal right to enter into any contract with an end buyer or renter...it is no different than a sandwhich lease option...in a sandwhich lease option you have no obligation to pay the mortgage...the homeowner is on the hook no matter what.

Legal and tax wise??

Find out for sure as it will cost you $500-$700 (probably) to set up and comply with the 1031 legal requirements.

In this situation the bank made out on the foreclosure-they have covered their unpaid mortgage and legal costs with excess; however this is not the norm these days.

There is still a market for non-REO listings in all markets due to the restrictions and time frames of REO properties

Give the legal notice required by your state law to go in and inspect--see what condition the unit is in & start advertising and showing it immediately.

Then'd I'd contact the PM to review the legal notice given by the tenant and when to insure that they did give proper notice.

If the utilities are were in your friend's name, what would be the legal ramifications of turning off the utilities other than the possibility of squatters trashing the dwelling?