David Chiles described the foreclosure process quite well. It seems that the housing market is still declining, i.e.., prices dropping. Rents have come down too. I haven't seen any rent to own foreclosure properties in LA, especially not in West Hollywood (I do a lot of work in this area and live in it too). I think that if you cn be patient for a bit longer, it will payy off and you'll find a good property at an affordable price. In the meantime, if you're interested in looking at some rental properties, feel free to call me and I can show yousome beautiful places to rent at prices lower than last year.
Keller Williams Realty