I would consider getting 1-2 deals on market before you purchase off-market.

There is no set time for the county to foreclose on the property via a tax sale, according to this article purchasers of the tax lien certificate have to wait 5 years, as the owner has a redemption period after the tax sale, so you could be waiting a while, and if I'm not mistaken, you have to pay the taxes each year until the 5 year period is over, then you have to file for a deed or file a lawsuit to quiet title.https://smartasset.com/mortgage/how-to-buy-tax-liens-in-cali...Hope this helps,Dustin

I've personally found the bulk of my Chicago purchases off the MLS.

You can't actually pay it off directly because they've been securitized, and the people who invested in those securities did so because of the specific certainty of the payment schedule.What you do in a defeasance is use the proceeds of the sale or the funds from your new lender to purchase treasury bonds that are packaged to make the exact payment amounts and timings on the remaining term of the loan, and then assign those bonds to your old lender.

Typical equity build up time is 5 years, depending on your market.But can you purchase another rental using your own capital?

Which state are you looking to make a purchase in? 

Quote from @Melissa Sejour: I am new to the real estate investing space and was wondering how do you go about researching the best areas to purchase properties?

Why do you think purchase contracts are so long and have such small print?

Please reach out if you are a lender or can connect me.5 Bed 2 Full Bath & 2 Half BathExisting Mortgage ~$550,000Home Value ~$1.1+ MilSounds like a great deal.

Some agents do this well, some without a license do it even better.Having a license to serve other clients first and help you conduct your own transactions second is how I would look at it.When analyzing deals I will prioritize sharing with investor clients first and only pursue it for myself if none of them want to purchase it.Happy to talk more as you pursue all of this!