You can buy whatever someone has to sell. If they own it, want to sell it to you and you have the ability to buy it, yes. Are they going to let you take over the previous owner's loan? No. Are they going to cut you a deal because you rented there? No. Are they going to let you slide on any underwriting guidelines to qualify for a loan? No.
If you don't buy it for fair market value, at market rates for cash or with an approved loan that meets their criteria, you will have to pack up and move more than likely, at some point in time, sooner if you don't pay the owner rent (Owner being the bank if they foreclosed).... more