My question is, how long from when they first receive that letter would I have to send the homeowner a letter offering to buy it, before the bank officially owns it and it is in official foreclosure.

Six other small things like working smoke detectors, and replace windows here and there2) 2009, $0.00Code 169017 - Repair or replace house drain to receive and convey discharges from plumbing fixtures to sewer.3) 2013, $0.00Code 169017 - Repair or replace house drain to receive and convey discharges from plumbing fixtures to sewer.

So I just received a message from a BP'er.

As an update, I received a copy of the rental license from the seller which in addition to historical zoning approval, confirms that the zoning is correct for its intended use as a duplex.

From my perspective, you should have no reason to question the ethical, moral, or legal act of your decision to receive prepayment of rent. 

It probably depends largely on the type and quality of the subfloor.

The quality of neighborhood starts deteriorating...

send him an email and tell him he has not given you the rent checks and if you do not receive the money with in 5 days you will report to the real estate commission in your state

I wanted to be as understandable as possible and decided to invest time into my post but I am yet to receive an answer and hopefully someone will please answer me.2: Yes, similar as what you said but as a total beginner in RE business and for worldwide RE.

Pros:Strong cash flowMajor affordable housing shortage in the countryBarrier to entry - zoning prohibits new parksPride of ownership - the residents own the homeLower operating costs - the residents own the homeLower touch - the residents own the homeSticky residents - costly to move a homeEasy to raise rents - costly to move a homeRecession resistant asset class - affordable rentLarge private equity funds are entering the space - drive prices upMom & pop ownership - opportunities to improve NOI and valueLower entry cost per door - less capital neededCons:Not sexy - smaller resale pool (but that's changing)Stigma - some counties try to stop operations (poorly operated parks, criminal activity)Stigma - some people don't want to live in oneLower credit quality residentLess appreciation potential, unless forcedNiche investment - helps to have scale to properly operateMany banks don't understand it - tougher to financeOlder assets in many cases