If you're ever in Orlando, a celebratory lunch is on me!

@Zach Denny Did you ever put your deal together, if so I'd be curious what the bank required on CLTV and if you had to source the total down payment (PP-First Loan) then apply seller second, or if the bank let you do all that at closing functionally making your DP = PP-First Loan-Second Loan.

* What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits* How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?

With that being said, and to be transparent, I have had a harder time finding investing partners on the last property I bought in La Fortuna which I think is related to the change in the economy.  

On balance I have made way, way more money from appreciation that I ever did from cash flow.To me the most important consideration is to always have money or access to money, never be forced to sell.

Changing jobs!

And the fact that your post had at least three votes for it when I posted this shows that there are lots of other people who would probably be losing in PA under those same assumptions that just happen to be FALSE in Pennsylvania.Pennsylvania has some rather complicated rules when it comes to tax sales; the particular type of sale that the OP purchased at is one that does not divest any liens; it simply changes the party that is the owner, with the new owner taking title subject to all liens and encumbrances of record.With tax sales, the buyer must be aware of all the local rules under which the tax sale is being conducted, because the rules vary all over the place.Now, what the OP seems to have failed to do in his research was to cross index the recordings at the county recorder; the "missed" mortgage would have showed up on a search by parcel number if that sort of cross check was done (and assuming all indexed documents at the recorder are properly indexed of course - I have seen mistakes made attaching a document to the wrong parcel).

Yes, your rate will change but not much if you have good credit it will go up around 5.875% to 6%.

@Dominic Holt , I am happy to review your scenario and suggest changes that could improve your property.

The tricky part will be to get the the city to change your property's zoning to multi family (if it isn't already).