Your best bet is to have your agent recommend a legit lender....require buyers to meet Their preapproval process (a real one, tax returns, pay stubs, bank statements, etc)....they don’t have use your lender for the loan, but meet their preapproval standards.

Then explain to them your plan.

@Ernesto Hernandez, I recommend contacting the local banks that are near this particular property, and preferably the smaller ones.

Call around, explain what you're trying to do, and they should be able to help you.This is a great opportunity to jump in, but you also need to understand you are buying a problem.

Many banks/substitute trustees will contract to sell the home at public auction using auction.com.After the auction, if the home doesn't sell, it will become an REO property (means bank owned) and will be listed with an agent.

Most banks want to see that the NOI is at least 1.2 to 1.3x the debt payment.   

Maybe someone “thinks” they own the house.Do explain.....

But you’re “banking” on the future and expecting to “make” money because of that solely.

Would love to get some feedback on this strategy I just did: Instead of waiting 30-45 days to secure a regular conventional loan to purchase my rental property, I decided to get an unsecured loan from the bank instead.

I paid cash for the house (approximately $15,000) and then took out a loan from my bank for $20,000.