The bank has holding costs, admin, insurance, weatherization, mowing and property management over the term from their taking possession, which could be before a sale if the property was abandoned as they have the right to protect the collateral. 

One of the greatest pieces of advice I can give you as a new investor is continue to build and cherish your relationships.

@Chris Seveney I assume once you take possession of the property and have real property, then the valuation would change.  

Anyone smart enough to profitable flip a house and who is willing to spend the time,  is in control of their emotions and is in possession of adequate data, can price and negotiate their own real estate sale...on the sell side using the MLS via flat fee or discount, etc.  

Or, it could mean that we reach an agreement that allows the tenants to leave if they promise to pay the overdue rent in six month’s time.Remember this isn’t personal – It’s business.The ultimate goal of these negotiations is to gain possession of the landlord so we can get it re-rented.

.), so I just want to have $1M in my possession by then, cash or net worth. 

You offer the occupant a payment (typically no more than 1% of the value of the house but it's up to you and what the occupant will take) in exchange for him to voluntarily give up possession of the property.

Assuming a quick foreclosure and writ of possession within 6 months, would give total expenses and holding of say $5K.

@Dennis Lanni What is the adverse possession options?

I just don't understand people ...46 days ago they passed all the hurdles and gave me $2000 now they're walking down the street with trash bags...wtf that's also one nice thing about those type of tenants they have basically zero possessions..