PM meBest, Junior

Yes foreclosures wipe most junior liens however there are some that survive such as HOAs depending on whether the state is a super lien state or not.

There is zero likelihood of the senior discounting the note, especially if the buyer acquires the property at the junior lienholder's foreclosure sale.

Municipal lien will need to be paid, if there was a 2nd or junior lien that foreclosed you would get paid from the auction.Also this depends on the state and if their is an HOA and HOA liens.

I'm currently an upcoming Junior at Indiana University.

Midland Funding will most likely be a junior lien and if the other bank is out of business and the loan not assigned probably the same thing, a junior. 

If you didn’t have a policy and missed some senior liens - you may not get paid because your lien will be junior to some other liens on record.

Anyone have experience bringing on such a person as a junior partner in some form -- for instance giving him a little sliver of equity in a deal, or agree to a profit share (e.g. 5% of profit) on a deal.

You can make them a junior partner, an equal partner, a senior partner.

Any junior/senior from a top 100 college in accounting/finance should be able to give you 80%-90% of the same knowledge (without providing a pitch for their coaching/mentorship product).That being said, typically you will need:- Budgeting skills especially comparing against #s promised to investors vs. budget set with PM vs. actual operational results. - Capex tracking by line item for exterior and interior. - Marketing/leads tracker to understand weekly operations- Rent comp surveys (your PM should be able to help you with this)- Portfolio level (if applicable) software that allows you to roll up results by property type.