But fortunately both sides have the same goals and the $100MM makes it guaranteed to happen.Update to come.I am glad I helped inspire you Daryl.  

Period. 

You are skimming rent for the period between acquisition and foreclosure.

Hello, I am trying to pickup my first buy & hold (first real estate investment period)...

There is no statutory holding period.  

Did you have a contractual agreement with them that guaranteed cash flow from day 1 - ie: a renter in place or they's pay you the equivalent rent?

  ( My Life ) So I ended up showing the property to 3 investors in a 2 hour period and the seller was answering every question the buyer was asking me.

I'm willing to pay a fair price for the service.It would be nice if this also included a firm bid for any major repairs, with no guarantee that I'll hire.

You can certainly rent homes there but here is how it works: you may experience longer vacancies because it's a more established home owner area but you will also have tenants that will tend to rent for longer periods of time! 

If you do an option, you'll be paying taxes on the option price received in the period the option is given, then if it actually taken, you can ask for it back, if there are no taxes due from the sale.