@Darrell Kirby unless you know what you are doing, letting someone buy your rental, "Subject To" (the existing mortgage) is not advised.Typically, they will want you to transfer the deed to them, but keep the mortgage in your name.

Again, I would recommend reviewing some of my previous posts on the subject starting with this one:https://www.biggerpockets.com/forums/12/topics/1185366-atten...

However, if the owner does not comply with the lead law until 91st day, and a child living in the property is identified with lead poisoning during the 90-day period, then the owner is subjected to strict liability going back to the date of purchase.

You have to account for that.4) This is all about the rental numbers, and if this is subject to rent control, right now the max you can raise rent is 4%.

The property I am looking at has equity and only a purchase money loan (1st mortgage).I understand the basics, Wining the bid, gets me the deed subject to the existing loan. 

Quote from @Kaylin Gonzalez: would appreciate any information Hi Kaylin,Cash flow isn’t directly taxed; instead, it’s your net rental income that’s subject to taxation.

You send pretty knowledgeable on the subject

I recently bought a 4-plex conversion and had to sell it on a subject two less than a year later.

If you have a clear strategy and a subject matter expertise, you'll probably do well.

There is no hard grading system on investment properties so “Class D” would be a subjective term but ideally it would refer to the “state/condition” of the property, “quality/affordability” of the tenant base and the “rent/income” it could provide.