Valuation is essential!  

The foreclosure and REO process with a reverse mtg is essentially the same as any other mtg.  

But yes, essentially that is how it would be structured. 

Essentially we (my LLC which I'm 50/50 with a business partner) currently have 1 property in our portfolio.  

You would essentially assume payments of their mortgage and the property would be in your name.

If not, you may want to put something together that is essentially a proforma or business plan, along the lines of what others have suggested above.If you've done some deals already, it's rather easy. 

I bought and sold over 900 properties, and bought the first 11 essentially 100% financed.Today interest rates are at historic low levels about 3.5% fixed for 30 years. 

I've recooped a decent portion of my losses by renting the place out and essentially pocketing the entire rent amount, less maintenance and management fees.

And to answer your question, essentially, from my understanding, a cooperative condo is basically under full ownership of a company/ corporation that owns a building of condominiums.

People often forget the context of ROI figures and just go straight for whatever % is highest, so it's an important reminder: If you pay cash, you'll have more flow each month but your ROI % will be lower because of the increased investment amount; if you finance, you will have less flow after expenses each month, but you will need less cash upfront and someone else is paying your mortgage for you, eventually leading to a fully-owned cash flow property that you essentially paid 20% for.