There are books, of course the BP podcast and many other viable sources for building that base of learning that is critical to proceed within real estate.

If they're relatively new, or flaky, I would proceed with protocol quoting the lease parameters.  

The process is very much like that which you read about here on BP for many U.S.A. states.When the mortgage goes into default and, after the lender and owner have exhausted any other options, the lender will begin the foreclosure process to take possession of the property.1) In Alberta, the conventional first step will be for the lender's attorney to send a "Demand Letter" to the mortgagor advising them foreclosure proceedings are to commence.2) If the mortgagor failed to pay the arrears as instructed in the Demand Letter, the lender's attorney will next serve the mortgagor with a Statement of Claim.  

Reading all of the bashing of wholesalers I'm wondering why would a "wholesaler" subject themselves to looking foolishly with the wrong numbers.  

They are NOT stockholders, they are not to be promised a share of the proceeds. 

But taxes are about 10-12k per year on this property and the previous homeowner was delinquent for several years)Cash for Keys: $20,000 (The homeowner agreed to vacate by a certain date to avoid a drawn out legal process, which they threatened to do)Cleanout: $750 (The place was a complete mess)Initial Cleaning: $150 (I at least needed to get the place tidied up a bit before painters would come)Kitchen Repainting / Spraying Makeover: $11,500Fresh Paint on Most Rooms (Ceiling, Walls, Trims): $12,500Hardwood Floor (Sand, Stain, Re-finish): $4,500 New Carpets in all 4 bedrooms: $4,500Lawn Debris and Hydroseed: $6,000 (and weekly lawncare until sale but that was cheap)Electrician: $1,000 (Smokes Inspection and fixed a few recessed lights + other minor)HVAC: $1,000 (Garbage Disposal Replacement, HVAC filter replacement + othersWindow Cleaning: $500Mold Remediation: $1,000 (Bathroom Ceiling)Carpentry: $5,000 (Bunch of stuff)Miscellaneous Materials: $2,000Final Cleaning: $300Staging: $4,500New Washer and Dryer: $1,000 Total: ~$600,200 (+- 2-3k)Listed Price: 669,000Sale Price: 644,500 After broker + legal Proceeds: 606,000Profit: ~6k Time Held: Bought in April, Roughly 6 Months.I didn't make much from this deal, but the experience I got was awesome.

For example, a company might need a short-term bridge loan while awaiting the proceeds from a lawsuit or sale of an asset.

Then they say you can use reserve funding from proceeds, drag out the closing so there are no reserve funds anymore and then ask for an account with money in it because they changed their policy.

I purchase primarily for cash flow, but I try to buy with an eye to appreciation, as I plan to 10-31 exchange my portfolio in roughly 7 years when I retire from my career and relocate to a better rental market (Florida) where I replace my salary managing 10 or more paid off rental properties with the proceeds of these leveraged ones rising in value.

I have listened to numerous podcasts and read a few books so I have a general idea how to proceed.