OK this is quite simple.your purchase price is 391k  seller pays the lien from their proceeds.. 203k gives you the 50k for rehab you move in..Are you not being represented by a competent RE broker.. this is really remedial real estate and not complicated at all.. and these things are handled daily as you would be surprised how many sellers have title that looks like a rap sheet   LOL.

Quick thoughts...Have you factored in costs to turn over almost daily?

@Theresa Omeludike When it comes to MLS, setting up good parameters for your daily email search results is key.

That way you get daily emails to your inbox that you can just browse over every day.

I am getting more and more comfortable daily working on numbers and putting pieces together.  

CA prime spots are a long term buy and hold play.. as we know the CA market is subject to some swings in values some can be dramatic.. but over time the state has shown some of the best performance in the entire US... but if your one who worries about value on a daily basis then RE can drive you nuts... if you have a long term investing horizon then you buy and hold and if and when we hit a trough you hold through the trough.. you only lose money when you sell at poor times. 

I have the luxury of driving through different neighborhoods on a daily basis.

(Same as above just different order) the reason for this is you want to get the monthly interest rate.This is because you are not being charged interest on the interest and your going to compound monthly rather then daily like say a cc or car loan could.

It is reasonable that basing everything on the existing "lease" that will automatically go into effect based on a daily proration (I.E.

Right now I have 45 properties I'm marketing to my buyers list (which is growing daily).Also an easy way to find buyers is to get with your local RE Agent and when you get a contract with a seller, then ask the agent to give you a list of properties that have been bought in that neighborhood with all cash in the last 3 years.