And the larger property was easier to manage with 3rd party mgmt and I did less work and everyone made more money.

Using a service like WeGoLook could be a cheap way to get photos from your property by a third party that is paid to represent you other than an agent or PM.

VA takes the property that doesn't sell third party at foreclosure and then sells it through VRM. https://listings.vrmco.com/.A "Previous owner" is just that,  a previous owner, and whatever "protesting through bankruptcy" means has nothing to do with title and foreclosure.

I don't usually put down earnest money until both parties have ratified the contract. 

I think you'll be best off, however, if you make an honest effort to not just treat the situation like a payday and find something that works for both parties.

@Eric Bilderback For the borrower to eligible for cash out refinance  the borrower must have held legal title to the lot for at least six month prior to closing of permanent mortgage before cash out. 

You should set up your leases as converting to M2M at the end of the first term with monthly auto renewal unless one party gives proper notice to terminate.

Even with a letter, it still requires 30 day notice. https://www.military.com/benefits/military-legal-m...

The more challenging part is funding the working capital for the rehab.  

But there are some third party water suppliers (AQUA and PA American Water for example), and if tenant has the water bill in tenant's name with these suppliers then there will not be a lien for unpaid water bills.Some landlords use different approaches when unpaid water bills can become a lien.