If you haven't gotten an insurance quote yet, you should go do that now; those insurance costs have been skyrocketing for the last few years and are changing the math on many of my properties.Personally (and I mean this--it's personal to each of us), nothing about the deal you're describing excites me. 

This math implies that the property is being purchased at a 14% discount to current market value. 

It's just math & logic.

I mean, it's simple math, right. 

But you could maybe assume the loan and get a secondary loan for the rest.

The Teak plantation is about diversification and a fun secondary strategy.  

7.Park Canyon, Dalton, GA - bad assumptions, reaulted in need for secondary 1 yr back.

Am I doing my math right on this, annual property taxes for a rental are around 5%? 

Since the owner needs to pay your attorneys fees (essentially limited by statute, so can be estimated) in connection with a redemption, all of that math should be part of the planning.

One of the biggest red flags I have as a lender (who lends my own money as well as secondary market loan) is when a rookie tells me there goal is to buy 10, 20, whatever properties in the next year. my next question is how many do you own currently?