So far we are on track to do so WITHOUT the additional investment and with the only debt being 28k split between a Visa Card and a Business LOC (mostly going to support an aggressive rehab schedule).  

The same day she gave the property holder our contact info.

I would get it under contract with $3K net to him subject to you negotiating an acceptable number to the bank and any other lien holders.

Who is deed holder and what is the deed type?

I'm going to be a holder as well, let's link up!

IRA holders CAN be a property manager but only from a decision making standpoint.

They are receptive to the title holder and understand that they need to settle somewhere between 60 and 65% of the Fair Market Value.

A second lien has the same risks but also has a 1st lien in front of it that has to be paid off before the second lien holder gets anything.  

I would love to get back into something some day, but being a buy/holder is a bit challenging, and obviously being a fix/flipper is very challenging.

Courts of laws in most states treat them the same and due to their innate flaws, the owner/holder ends up on the short end of the stick, lesser to those rights and enforcement afforded in a proper mortgage or deed of trust.