•You’ve fully paid off the mortgage, eliminating lender control.

After doing some research I realized that the first lien lender has so much control over the purchase price.

I think a middle ground could be reached there but alas not in my control. 

Plus with it being a townhouse, you don't have certain controls like the HOA and special assessments.

Of course, it was due to extenuating circumstances which neither you nor the lender had control of.

Use that loan to pay the back taxes and get things under control.

I have had my eye on 5-20 unit multifamily for a while, as I see it much more controllable and predictable way to go about a real estate deal.

Without control in the deal, you’re at the mercy of both the lender and the seller, which is not a good place to begin in real estate investing.Because you’re not putting any of your own money into the deal, neither the lender nor the seller has much incentive to be flexible if problems arise. 

You could structure a low down payment with interest-only payments for a set period, then refinance later.Master Lease with Option to Buy – Control the property now, generate cash flow by leasing it, then buy once it's stabilized.Sub-To or Wrap Mortgage – If there’s existing debt, you might be able to take over payments or structure a wraparound mortgage to benefit both parties.Hard Money or Private Lender for Reno Costs – If you secure a seller-financed deal, you can use private or hard money for the rehab without tying up your own capital.BRRRR Strategy with a Bridge Loan – If you can get the purchase price down, use a bridge loan for acquisition and rehab, then refinance with DSCR or conventional financing.Would love to hear more details to help structure something solid.

Some fear losing control, while others are unsure how to structure a fair and profitable partnership.