This is one of the most powerful statute combinations. 

#2...not the zoning, although that can be important too, but the actual property code in the Florida statutes about tax liens and the process. 

@Adedayo Adetunji people that break into a property & occupy it are called "squatters".On September 24, 2014, three new Michigan Statutes went into effect to make squatting a crime and give landlords more options to remove them (see Michigan HB 5069/PA223, HB 5070/PA224, HB 5071/PA225).

And it can work really well for you as long as you pay attention to the statute requirements.In order to defer all tax you are selling investment real estate and buying investment real estate of at least the same value you sold. 

If there is an existing lender not agreeing in writing to accept payments from the LPO buyer, then you are in violation of the statute -- and it is a very toothy statute -- vs the seller/landlord side only thoughWe are getting ready to get one in place because the seller is demanding it and my client is the protected buyer.Yes -- you must vet your sub to buyers -- some should not be anywhere near a wrap transaction.Stay safe out thereAlan

@Shaun Palmer - from my understanding the English translation of the statute is this...  

This now places their use back subject to your approval, so their own claim via AP/EP statute is reduced. 

Since the owner needs to pay your attorneys fees (essentially limited by statute, so can be estimated) in connection with a redemption, all of that math should be part of the planning.

I don't think he has a clue that some activity has a 10 year statute of limitations.  

All these statutes supercede any written contract between landlord and tenant.Now, if they stop paying, then you do not have the restrictions above.