You will still need to alert the first lien holder but they likely will not mind since they are in first position.

Have folks out there arranged an LLC structure where the small equity holder (the developer) makes a higher % if it's sold quickly but the large investor (me) makes more if it's rented out for years?

I suppose you could try to do a lease option, but same as with a sub-to, good luck finding a lease holder wanting to make payments for x years toward a down-payment on a house that will still likely be under-water.

I live in TN, If I as the lien holder bought a note which the property is located in another state and the property reverts back to me by way of the foreclosure running it's course.

The investor(actual note holder, not the servicer/bank that you'll be dealing with) sets the standard for the BPO procedures.

It seems like the opening bid by the mortgage holder/bank is the only bid.

(a) For purposes of §1101.652(a)(3) of the Act "a person related to the license holder within the ?

Depends on the servicer, note holder and originator, different cases.

My visa type might disqualify me from obtaining the RE license altogether despite the fact that an L-2 visa holder can legally work and/or study in the US (I'll have a SSN, bank accounts etc etc).

It seems counter intuitive, but the larger banks have more strict rules because they are working for the share holders.