This way we don't have to form another LLC and all paperwork and band account associated with that LLC.

It is lower than what apartment association states and they have their own maintenance staff.  

The issue is a lack of control over anything going on with the mortgage and anything associated with it.

Be sure you and your friend are receiving annual forms 1098 associated with both loans and that you discuss with your respective tax advisors.You will purchase hazard insurance in your name, listing the underlying lienholder as 1st loss payee and your friend as 2nd loss payee.When structuring a wrap, it's best for the wrap term to be longer than the term for the underlying loan and of course the monthly P&I payment to be higher. 

MLS is a service of the National Association of Realtors, so only Realtors can list.  

The result is after a year when the tax accessor associates the proper property taxes with your property, there is a decent chance you could have payment shock and your monthly bill rises significant (until you pay off the escrow account balance that is also likely causing this). 

If your local town has an Apartment Association I recommend joining as they will give you information on all things real estate.

I have close associate that is that area.

in NJ it was the celebral palsy association they now have a new name. 

I found some of the bids astonishingly aggressive given the risk associated with tax deed investing.I hope you didn't get hit too bad on this one.