This is not intended as legal advice from me, but a general guideline on how to approach flips and lien waivers.The number one issue title companies are experiencing is the increased number of mechanics liens tied to flips.  

There could be other liens though, IRS, mechanic, etc, ask the sellers.Its too bad its already listed with a real estate agent as you can't cut them out of the deal.

PS: If anyone ever comes back on you for a mechanic's lien, you'll wish you had some paper documentation of having paid them.

What are the mechanics of that type of deal?

Level 3 -Reconstruction), 2) you are permitted (have or will get alteration permits,) 3) you are acting as the GC and have your trades (electric, mechanical, plumbing for the kitchen changes) identified.

You only need this until the project is fully completed.If that contractor uses subs, then you need to get all lien waivers, this will eliminate the potential that the sub places a mechanics lien against your property because even though you paid the general, the general stiffed the sub and now you have to pay again.

If the bank will not require a haircut on their existing debt, I don't know the mechanics of the process all that well but it could ease the burden if the sale will allow the seller to pay off the loan in full.Regarding the potential basement units, I know that elevations vary in that neck of the woods.

I have found a few that have a lot of equity but I don't understand the mechanics of getting the redemption rights>Thanks Ted Kinney

Title III seems like a better mechanism to finance growth of the platforms to me.  

I have some experience doing the mechanics of buying and selling,  but I'm excited to learn the business side of the trade.