What constitutes a bulk note purchase for unperforming paper - a few million or a few hundred million?  

Guidelines can vary but the above is for conventional.You can cash out up to 70% of market value up till you recover all of your acquisition and closing costs if you cash out under 6 months after a cash purchase (no other liens on the property or lines of credit).If you cash out after 6 months you can go up to 75% off the lower of purchase price or market valueIf you cash out after 12 months its based on market value - Its important to make a clear distinction on what constitutes a cash out refinance or a rate/term refinance (regular refinance with less than 2k back to borrower at close).

And, property taxes are easily offset by the fact there is no state income tax (probably will never be, because it would take an amendment to the state constitution) and franchise taxes are very favorable at .0575% on investments. 

In some statesacts that constitute actual possession are found in statute.Open and Notorious An adverse possessor must possess land openly for all the world to see, as a true owner would.

Seems like the standard remedies are either the owner provides an affidavit in place of a tenant estoppel, or write into the lease that failure to provide an estoppel on a sale event constitute a violation of lease. 

Slam-Bang's Miracle RE Machine of Deals is not learning real estate.75-80% of all the questions asked on this site are answered from the fundamentals of RE.So, as Jay suggested, go take a class for RE Agents and learn RE first, know the differences of deeds, what the "bundle of rights" in RE are, how these rights are transferred, what constitutes a market in RE, how valuations are made, what title means and how it passes and how transactions are closed.There are "investors" that have been doing "deals" for years who don't have a clue about real estate, with bad habits, skirting on illegal and unethical practices and just not knowing any better, or some may and not care.

Apparently this was popular in the past, but with the SAFE Act and the Dodd-Frank legislation that was passed, there is legal concern that rent applied toward the tenant's future down payment constitutes a "security" which means many additional rules and regulations must be followed.  

(Sidebar   - An example required in NC for Contract for Deed (your attorney may suggest something similar for your case): If the property being sold is encumbered by one or more deeds of trust, mortgages, or other encumbrances evidencing or securing a monetary obligation which constitutes a lien on the property, the seller must notify the purchaser in a separate written disclosure, provided at or before the execution of the contract, in 14-point type, boldface, capital letters, the following statement: THIS PROPERTY HAS EXISTING LIENS ON IT.

Mike, what caught my eye was the "can't see how the state can" point is, the state can regardless of a person's political views or how they interpret the constitution or define freedom or justify their thinking, the state can and does, either comply or suffer like everyone else.

In saying that, I am looking to gain experience in the rehab and eventually the buy and hold areas of REI and ultimately learn what constitutes a great deal.What value could I bring to a rehabber/flipper?