We added value by re-doing the whole house, installed vinyl floorings, rebuilt 2 and a half bathrooms, re-painted the whole house, replaced all the hardware in the house, installed new lighting, ceiling fans, re-painted the kitchen, and completely remodeled the upstairs.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I believe in general, liens which are subordinate to real property taxes, which includes mortgages, are extinguished by a tax deed sale as long as they were provided proper notice of the sale. 

If this seller just renovated, hasn't owned it long and has a mortgage, your chances of obtaining favorable to you proper SF are low anyway.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

I suspect you will need to raise a little over $2M from investors to properly execute this deal.As a side note, 12 months is never going to be realistic on a full turnaround.  

here are my stats on 6 months being with them (not by choice but they acquired the property manager I had in chicago) I have 22 units in 4 buildings    Rent 22.5% lower rent      Expense 34% increase in expenses Also all expenses are way above market rate with minimum oversight for vendors overcharging or proper negotiation for volume work.

With an attorney handling the eviction, you can not only ensure proper handling but also take advantage settlement agreements to prevent having to restart the process if the tenant were to default again and get automatic final judgment when the tenant defaults on the settlement agreement. 

These Schlage doorknobs are easy to install, reliable, and you can program multiple codes.

- Properly document your rental income on a schedule E and report it to the IRS.Connect with an Investment Friendly Lender- Not all lenders are equal.