It certainly becomes a bit more complicated than what most perceive a DIL event to be, but it is possible to vest title alternate to the actual Mortgagee in order to both obtain property possession and still have the power to foreclose.  

As Bill mentioned above, purchasing a note does not mean gaining possession of the real property.  

I would personally not get involved in this till non-payment of rent is established.When a landlord rents a unit to a tenant, he transfers to the tenant what the law calls “exclusive possession” of the rented property.

The landlord-owner seeks in good faith to recover possession of the dwelling so that he or a member of his or her immediate family (child, including stepchild and adopted child, son-in-law, daughter-in-law, mother, father, mother-in-law and father-in-law) may live in it;2.

We will be getting the writ of possession on Wednesday and will have to schedule the clean out with the constables office that day.

A 3-year redemption clock starts ticking down from the date you take possession of the property.

The insurance company, in return for a premium,  agrees to defend any imperfections that may arise up to the policy amount for 25 years which is the maximum statute for adverse possession in Texas

., the current occupants have at least one year to use, abuse and destroy the place) then you count the cost of your money, for the 18 months or so it takes to get possession, you are at about 95% of retail before repairs. 

You obviously need to take possession of the property so you should have a real estate investor friendly attorney take a look at any language you add to your PA and make sure you are at full transparency. 

You buy the property for cash (other other sources not secured by the property), then get a loan once you are in possession of the property.I hope this helps.