That there are no unpaid or outstanding claims, bills or invoices for any labor performed upon or materials furnished to either the Tenant or Premises for which any lien or encumbrance including, without limitation, materialmen, suppliers and mechanic's liens, have been asserted or may be asserted against either the Tenant or Premises."

While some of what you said as it relates to the mechanics of the unit is a little over my head at the moment, that information was incredibly helpful and I will keep it in mind as I move forward! 

I am a Mechanical engineer by education but an investor/entrepreneur by choice.  

I am not sure where you are from, but there is a mechanism for this.   

Hello everyone,It's nice to know that there is a community of property investors here at bigger pockets.I am Victor from Australia (Melbourne).I am new to property investing and still learning, reading and listening to youtube, pod casts and books on investing in general.I am extremely intrigued by the idea of generating passive income through real estate investment ever since coming across rich dad poor dad a month ago and more recently, bigger pockets podcasts.As a start, I plan to learn more about the mechanics of investing in real estate before taking steps to actually start looking at my local market (Northern Suburbs of Melbourne)In fact, I have already formulated some short term goals to accomplish: 1.

@Brad De VriesSome considerations:1) If you are planning to use a conventional lender, your parents would have to "gift" the down payment to you as you cannot borrow the down payment (it's your "skin-in-the-game").2) Capital Gains tax is a federal mechanism.  

They may charge you a small fee, where a full set of  plans with structural and mechanicals will cost you 12-15k these should only cost a few hundred. 

I understand the mechanics of what you're saying, and have used the escalation clause a lot myself on the buy side with less experienced listing agents.

The only thing right or wrong is the timing and mechanism. 

A lien is a payment obligation that has been attached to real property -- either through the recording process (in the case of a mortgage, deed of trust, mechanics lien, etc.) or pursuant to local law such as by the entry of a judgment, issuance of a water/sewer or tax bill, etc.A foreclosure is what the lien holder does to enforce the lien in order to obtain payment -- this is done through a forced sale of the property.