The best way to recover from any defaulted accounts/payments is to only payoff any outstanding debts and build your credit score over time.

If the current owner took pymnts, and now is selling, are there outstanding deposits blocking your ability to rent the venue in say, June? 

The nationwide hard money lenders won't really help you.  

From my perspective, this is a nationwide tread of younger people wanting to live closer to the city centers, particularly in older cities with a historic past.  

Some jurisdictions allow it to also be used for outstanding late fees or certain other charges, including rent, but usually you have to look at the actual Rental Agreement to determine what the cost to the tenant would be for breaking the Agreement.

-Finally, as a matter of strategy, when the properties go to tax lien auction, the price at which those liens are secured at auction could very well be significantly more than the outstanding tax amount. 

@Curt Davis  not exactly a ringing endorsement of buying Memphis properties if you can only sell them by hiring a turn key company for 15k... are you saying no one can sell a rental on the MLS system with you as a broker charging a normal 5 to 6% commission.If this was a refi then it was probably a 70 or 75% LTV refi so your saying properties are not worth what the appraisals from nationwide lenders say they are worth. or that in the last 3 years the values have dropped by 25 to 30% in Memphis .I would be curious as to your take on how someone who buys a property with 20 or 30% down or pays cash then refis or puts a hML then refi's who think they have equity what your saying is they do not...

I find it much easier to work with small local banks then the large nationwide corporate banks. 

We all work nationwide.

There a few others locally that have good websites with plenty of information, but I have no personal experience with them.And there are also the few nationwide outfits that are focused on real estate investors that have been mentioned many times in this forum, but they don't have a local office.