I'll never want to deal with auto mechanics and dreading the phone calls that ALWAYS ended up being $1000 or more.....

It needs a new roof, driveway, mechanical, electrical, plumbing, flooring, cabinetry, minor foundation issues, and more.  

interesting thread....sounds like their lien is more like a mechanical lien than say an HOA or mortgage.

There are tons of things that could pop up that requires reserves as a landlord including but not limited to (and the worst part is that they could sometimes pop up all together at the same time)1. mechanical/structural failure in your rental home 2. legal fees to cover a long and difficult eviction3. costs to rehab after a turnover4.

Look for tax liens, mechanics liens and other other encumberances.

Well a title search found a $245,000 mechanics lien.

And if you are at all sloppy about the mechanics of the LLC- separate accounts from your personal, record keeping, etc, then you really have no protection at all.

I had a few questions about the mechanics of actually bidding.1) I am assuming that much like ebay you are buying site unseen.

The replacement of a roof, carpets, air conditioning and heating equipment, appliances and other electrical or mechanical equipment, wood decks, parking lot, and so forth.

Learning the mechanics of the deal, etc.