Otherwise this becomes a crap sandwich for you.Rather than an option, it would be my preference to buy property now, sub-2, get authorization of release of info so you can communicate with lender/servicer, and give seller a pre-determine time to remain in possession while you work your checklist of items to complete, starting with yard and exterior house renovation. 

The deed would be released to you upon full payment.

Minimum of 2 years from Chapter 7 or 13 bankruptcy discharge Minimum of 3 years from Preforeclosure, short sale, deed in lieu, foreclosure from discharge date or release date.Down Payment Requirements The borrower is required to make a minimum down payment into the transaction of at least 3.5% of the lesser of the appraised value of the property or the sales price.

I just released a book on Amazon called "Cashing In Tax Free" that covers 1031 Exchange and investing in multifamily (and other) institutional class properties.

Thanks againIf it's not a total loss then the owner is obligated to use the funds to repair the home and the insurance company will release draws to the contractor or mortgage company to make sure repairs are being completed.

https://www.ftc.gov/news-events/press-releases/2019/11/ftc-acts-shut-down-companies-operating-real-estate-seminar-scheme

@Wayne Brooks...Thanks for your prompt reply...really appreciate it...On the order released on 10 jan, it states: JDMT IN AMT OF $146,788.35...Does that mean bank will sell it for this price ?

It's typical for a hml to hold funds in escrow then send an inspector out to check the work before they release the funds.

They just released their new version which has lots of new features and is much more user friendly.  

Vacancy, turnover, renovations & re-leasing of the unit absolutely decimates your cash flow!