This means that there is an outstanding mortgage on it.

I have been reading about the 50% rule of thumb and I am right there breaking even.I was checking the landlord insurance and through Nationwide is $580 a year, which is $220 less than my home owners insurance.Also, my county taxes are reduced this last year by $240 too.

I was told ideally they want it paid off every year, but was also told they would willing to take payments on it monthly as long as I paid all outstanding interest monthly and paid a rate equal to a 15 year amortization.

But, if the borrower give you a deed in lieu of foreclosure for all amount due and outstanding, you will own it and can rent it.You need to speak to your attorney before you try and buy any note.

The property must be sold through a realtor at {fair} market value {no fire sales}.Proceeds of sale go to the owner - and are garnished for the amount outstanding to the lender.

We'd like to franchise Black Diamond nationwide, and make lots of money selling the franchise rights. 

. - What is happening with the $38K outstanding land contract on this property?

This just in from Zerohedge,The average time to complete a flip nationwide was 84 days in 2013, down from 86 days in 2012 and down from 100 days in 2011.

In those cases I had paid off at least 20% of the outstanding loan, so the total owed was less than 80% of value.

The purchaser is deemed to have constructive notice of the outstanding dues by virtue of the recorded HOA covenants, i.e. you need to call and check the status of dues with the association prior to closing and the closing attorney will collect pro rated dues at the closing table.