What I Can Do During Redemption Period?
Once I have bought a property, there is one year for current owner to claim it back. The question is: how I can use with the property if the owner doesn't live there anymore? Can I rent it out and make some income?
Yes, you can rent it out. For the time being, the title of the property along with all of the rights and restrictions that come with it are yours. You would be wise to seriously limit any improvements to the property since you will not be reimbursed if the property is redeemed. What state is the property in?
CA
Hmmm...the only way I know of for there to be a one year redemption period in CA is if the property was foreclosed judicially and the proceeds of the sale were insufficient to cover the lender's interest. I assume that was the case here, but I'm curious to know more since judicial foreclosure is so rare.
Renting it out may not be wise, just in case the old owner shows up and wants to squat. Better to either wait out the redemption period or find the owner and pay them a pittance for a quit claim deed., Generally--check the statutes, which should be online--if you pay taxes and/or insurance, that would be reimbursed should it get redeemed. Rehab won't though, the redeemer would probably smile though and say "gee, thanks!"
wannabe, the property is a county tax sale. does it make a difference?