I would also have a title company run a title report to make sure there are not any outstanding issues on the title.

It will be based not on 6 months of PITI, but based on the outstanding mortgage balances and the number of financed properties you own (more properties = higher reserve requirement for all properties).

You only need to know if it is them foreclosing and in the rare situation that it is them, THEN you need to know what the senior lien outstanding amount is.

Essentially, I look for solid investors who have good properties and want to be outstanding landlords.

I can guarantee you these are outstanding books and great inspiring people.  

However, from your information, the price, as they say in the movies, Is Just Too Damn High.

I'm surprised the seller didn't list the house for more than the outstanding mortgage - considering Nashville's RE climate, it amazes me that he left money on the table.BTW, who did you hire for the legal work?

It also happens when an investor buys at the foreclosure auction, but then negotiates with the note holder to buy the promissory note, also.If there were outstanding junior liens at the time of foreclosure, and the borrower redeems, then all those liens revive against the property.

My name is Dirk Fisher and I'm brand spanking new to this outstanding website, so I wanted to introduce myself!

Worried I'm kind of damned if I do damned if I don't.