Nice job Caleb.Just out of curiosity, did you consider a BRRRR on this one, or others like it?  

The idea of investing in REI really sparks my curiosity, and what drives my desire to learn more is how it can be considered an act of humanitarianism.

Your returns aren't going to set the world on fire but it's guaranteed not to lose principle and if you cash a cd in early,  you'll only loose the accrued interest.

The problem is that there is a substantial multi-year real estate tax bill that the owner has accrued which he could never hope to pay off.  

@Derrick Shipman Out of curiosity, what's the equity in the property?

I was looking to get out of my 9-5 corporate job, so getting a license has become my primary source of income, on top of rental properties I've accrued.

Typically the moment you get the money interest starts to accrue.

Some curiosities that I have...Are there usually a lot of investors/bidders there?

But the small incremental cash flow you'd get from no mortgage payments would have to accrue year after year until you can buy another cash following property.

.- prepayment notice - not less than 30 days (that's fine)- prepayment penalty - "The prepayment shall be accompanied by all accrued and unpaid interest and all late charges, fees, and costs due from Borrower to the Bank plus the Bank shall be entitled to charge and collect a prepayment premium of 5% in year 1, 4% in year 2, 3% in year 3, 2% in year 4, and 1% in year 5.