It then gives them a number of options to proceed of which, doing rehab and being foreclosed on by the first likely is not the desirable one, but is possible. 

There are local law firms who specialize in creating these arrangements.

For instance, if a home on one side of the street backs up to the ocean while one on the other side doesn’t, it will struggle to compensate for that huge difference in desirability.

The reason why is because I want to start a big real estate private equity firm in the future.

Appraisal and approval is done and deal is firm..A pre approval is as good as cash in most properties in Toronto area..I had a few properties in Chicago and Indiana where the deal collapsed 14 days before closing because of financing.. that rarely happens where I am from.. 

I respect your desire to take action and believe that action is critical, but please make sure you are setting the proper foundation first so you don't get knocked out of the game early.  

I was fortunate enough to be introduced to one of the largest foreclosure brokers in Illinois and have acquired several properties through this firm too.  

Depending on where you are with REI having someone who specializes in real estate taxation vs. a general firm could prove a huge benefit. 

I'm also making it easier for tenants to move into my rentals which makes my rentals more desirable and will reduce vacancy time.If anyone's interested in learning more, send me a private message.

The rest is just ego, pride, desire for social acceptance, image and need for admiration.