It is exactly what it sounds like, buying a property that has an existing debt on it.

She would like to gift me the trailer to repay me for some of the money I have put out.

If they are pre forecloure/foreclosure, probate, or lists that require fast access to the lead to gain an advantage how new is the list and are the leads already on the prominant platforms like Propstream and Propwire?

Joe is right, it sounds like if you sell, there may not be any capital gains.

Sounds like a great plan if you can get an SFR that hits the 1% rule.

Later on, I started voting on people that took the time to answer my post or question if I liked their answer.

You've left that part out.This is what dealing with Class C & D tenants is like!

I like to look at all "deals" How did you find this deal and how did you negotiate it?

My 14 year old now makes over $100/month passive income from her % owned and my 10 year old is at like $65/month.In this process we are building their interest in real estate, teaching them the value of putting their money to work for them, and all the while growing our investment if we need it for their college money some day! 

There'll be like-minded individuals who's brains you can pick as well:https://www.biggerpockets.com/forums/521/topics/1230348-pint...