If it is a large financial institution, you may have a challenge getting to the decision maker.If the foreclosure process has been completed & the bank has taken ownership, try to locate the broker or agent they use in the area. 

While I am considering some hard/private money institutions, I have not really explored if how someone who wants to place their money and make 7-9% secured may view it.

@Mike FloraIf the owner owned the house free and clear (meaning, no mortgage), and they had insurance; they wouldn't have to make the repairs if they didn't want too, because there would be no one else who has an interest in the property.However, if there was a mortgage on the property, any proceeds from an insurance settlement would be made out in the homeowners AND the bank/financial institutions name.

But I have an ongoing relationship with an institution that trusts the product I put out. 

These are usually bought by institutional investors that don't require a high return, and they buy with a relatively low LTV %.

@David Krulac, unless it is truly passive, if it is passive then you do not have to register as a Foreign llc. this is from Pennsylvania Department of State:Registration of Foreign Associations –General Rule and ExclusionsGeneral Rule – A foreign filing association or foreign limited liability partnership may not do business in this Commonwealth until it registerswith the Department of State.Exclusions – Activities of a foreign filing association or foreign limited liability partnership that do not constitute doing business in thisCommonwealth include the following:(1) Maintaining, defending, mediating, arbitrating or settling an action or proceeding.(2) Carrying on any activity concerning its internal affairs, including holding meetings of its interest holders or governors.(3) Maintaining accounts in financial institutions.(4) Maintaining offices or agencies for the transfer, exchange and registration of securities of the association or maintaining trustees ordepositories with respect to the securities.(5) Selling through independent contractors.(6) Soliciting or obtaining orders by any means if the orders require acceptance outside of this Commonwealth before the orders becomecontracts.(7) Creating or acquiring indebtedness, mortgages or security interests in property.(8) Securing or collecting debts or enforcing mortgages or security interests in property securing the debts and holding, protecting ormaintaining property so acquired.(9) Conducting an isolated transaction that is not in the course of similar transactions.(10) Owning, without more, property.(11) Doing business in interstate or foreign commerce.Being an interest holder or governor of a foreign association that does business in this Commonwealth does not by itself constitute doingbusiness in this Commonwealth.In general terms, any conduct more regular, systematic, or extensive than that described above constitutes doing business and requires theforeign association to register to do business.

Banks and financial institutions do NOT want to own the property, that's not their purpose and it is expensive for them to do so. 

Wouldn't hurt to get to start meeting financial institution bankers, find who does portfolio lending, talk with them and see what they require for the loans. open those relationships so you will be ready to buy when the opportunity knocks.

Whether they are Columbus/Ohio based institutions or not, any insight is appreciated!

I don't like taking property with private lenders already in place and going to institutional lenders.