We are in our option period to buy a duplex in fort worth, TX.

I had identified a few properties on the list of interest with a non-redemption strategy in hopes to initiate foreclosure after the 2 year redemption period, here in New Jersey, thereby acquiring a property or two with future plans to fix and hold or flip, etc. 

Hey MattLooking to get an update on your progress on your project.Looking to do an ADU and gathering lots of info and some great ideas.

You typically have a draw period of 5-10 years where you can take new advances and then a repayment period where you repay it but cannot make more advances.Another option is to do a cash out refinance.

I will update the post once I know more in case anyone else ever needs to know.

I'll update this post with the outcome.

So for example my first ever purchase was a duplex i bought for $16,000 and had $21,000 all into and rented each side for $650 and really it payed for it self over the 3 year period.

I know some places stayed nuts, but I suspect you'll find the value went down at least a little over that period. 

When the closing date is 2-3 days away, I contact and send another letter\notice to the tenant updating them with the disposition and who the new owners are with contact information. 

Wouldn't need much updating (except it needs a new roof).