This last huge drop in property values was a benefit to me as a holder.  

Once the Certificate of title (in FL) or Sheriff's Deed or Trustee's Deed (name depending on state) is recorded and the parties of interest (lien holders) are notified, you will be on the hook. 

Highly unlikely but if you hiresomeone who is not covered with workers comp, and someone gets injured on site and not the "actual" license holder person, they could go after you.

If you wanted to do a wrap, you'd need an attorney that can utilize the power of a Texas Land Trust, structure the contract to handle the assignment of the deed of trust, and have the exact correct terminology in the contract and on the land trust to ensure the first mortgage holder retains the proper role in the transaction to prevent the "Due on Sale" clause of their mortgage from being triggered.  

If the home is owned free and clear, then you can create a promissory note secured by you holding a trust deed on the property, with the seller's note being recorded as a first lien holder position on the trust deed.

A note is a promise from a borrower to pay a sum of money plus interest over time to a lender/holder usually in periodic installments.  

So it doesn't benefit the primary (foreclosing) lien holder to open the bidding at any amount above the outstanding balance of the loan.Good luck!

We rent SFH's in the burbs surrounding New Haven and every time that we put one up for rent the vast majority of inquiries come from voucher holders who currently live in New Haven and are trying to get their kids into better school systems and live in safer areas.There are some desirable areas of New Haven but like most cities, there are some very tough/depressed areas as well.

Awesomely late response, I know.There's a few active flippers here, a few buy and holders but no one buying a whole ton of property (Well, other than me).Market is kind of small and there are no companies to outsource management to at this point.

The ones I see go back to the certificate holder here in Pinellas are only vacant lots in the hood where the city demolished the structure.....which come with a demolition lien and usually plenty of lot clearing and securing liens as well.