I don't have an answer to your question specifically.

@Tim ThorpeYou can look for a partner, it depends on what specifically you are looking for in the deal. 

Educate yourself and choose a specific niche in the industry (you're off to a great start by being on BP!)

I have long been interested in real estate, specifically buy and hold SFH and small multi-family properties. 

Why specifically East Cleveland?

What specifically was it about your offer that set you apart?

Not only would I recommend for you to interview your lenders and keep in mind that they are earning YOUR business, not the other way around, but to also ask some very specific investor questions:Questions for Lenders When do you start using rental income to help me qualify?

Ask for the "Deed Index" for a specific property address & owner name. 

so this is very state specific.. and at the end of the day.. the original owner takes on massive risk to their FICO and in states were they can get a monetary judgement on top of a foreclosure they risk that as well. 

In the lease agreement, you'll spell out the specifics, such as the time limit, purchase price etc.