You buy said property for pennies on the dollar, property owner either pays back taxes PLUS interest directly to you within a given period OR if that period expires, you own a property for close to nothing.

A commercial lease for the ground floor tenant would typically extend for multiple years with "a high quality" tenant wanting more for less. 

As someone mentioned, it does help a little bit to extend the downspouts further from the building.

Period. 

You are skimming rent for the period between acquisition and foreclosure.

Hello, I am trying to pickup my first buy & hold (first real estate investment period)...

There is no statutory holding period.  

Chances are, the closing will have to be extended in order to either do repairs or negotiate a new price, as the Fannie Mae closing process is pretty cumbersome and specific and you'll need an amendment and new HUD if you renegotiate or time to do repairs if not.

Emily, sent the her agreement to us after the next months cut off period and simply forgot she told me but the real reason was she wanted to make a deal after the deal was already made.  

I and currently in Long Beach, CA  and in a few months l will be locating back to KC MO to live the rest of my years there with extended family.