That should tell you if he has the right to sell the property and what outstanding debt there is against it.

Yes, we do have a property manager (my W-2 job is Enterprise Sales, so I travel some and also have 4 kids under 7, so life can be a bit nutty sometimes) :-) But the property manager is outstanding, and renting to the demographic that we do has created 0 problems the last 3 years. 

Congratulations on the outstanding appraisal. 

All outstanding and highly recommended.

Moreover, we remain stuck with the lack of knowledge about what our original tax bill should have been in order to determine what amount of payment might be outstanding.

Not to mention the outstanding school ratings (nearly incomparable to the national average for public schooling) What made you interested in investing in this type of deal?

I was talking to someone and she said if a company receives any EIDL loan they cannot purchase any fixed assets during the time you have the loan outstanding.

There remains $1.2M outstanding on a line of credit with the bank they used to pay for the construction of it.

From the buyers perspective, you want prorations based on rents due in contract as well as terms outlining any outstanding balance will stay with seller, but that buyer will make "best efforts" to collect. 

The repayment terms for a 401k participant loan are equal monthly/quarterly payments of principal and interest (typically prime plus 1%) over a 5 year term (longer if used to acquire your principal residence).Please note that if you take a full $50,000 and then pay back the loan, you can't take another $50,000 until 12 months after the first loan was fully paid back.Per the loan offset rules that went into effect with the 2018 Tax and Job Act: if you leave your job and the loan is current at the time you leave your job but then the loan goes into default because you left your job, you will have until your tax return deadline (including any timely filed extension) to make the loan current by depositing the outstanding balance into an IRA (and thereby avoid the taxes and penalties that would otherwise apply).Please keep in mind the multiple loan rules:Under those rules, the sum of the balances of a participant's outstanding 401k loans under a single 401k plan (using the highest outstanding balance of each loan over the last 12 months) can't exceed 50% or $50,000 whichever is less.