If you are the note holder and are forclosing on the deliquincy then you have to deal with tenents rights in CA and need to get the help of the court to vacate the property after you have gone through the forclosure process.

I would suggest offering such a small offer that the lien holder would need a magnifying glass to read it.

With all due respect, if you have been financing for 14 years you would realize that you have just advised someone to commit FRAUD.The silent second needs to be subordinated and transparent to the 1st lien holder or it's FRAUD.

Do not use residential for commerical or visa versa.

My orginal thought was to have the LLC not only manage the property, but also be the title holder of the properties.

That being said, how likely would it be to locate such deals in declining markets such as mine (Las Vegas) in which the only apparent opportunities to profit at enough of a discount are dominated by short sales and REOs, as the majority of owners motivated to sell are those who are severely underwater (75% of every mortgage holder in Vegas).

With 5 lien holders and 2 of them have legal right over the first mortgage this one would be a nightmare to do even if he agreed to the sale.

credit card where you expect to receive a high credit limit, like capital one visa.

I'm fuzzy on this part, but I think if (say) the second mortgage holder redeems for the sale price, then next guy would have to redeem for the sales price plus the amount owed the second mortgage holder.

I believe our children will be very glad that we bought this property when they inherit it.Some of the people here telling you this is a horrible (not "marginal") deal are buy-and-holders as well.It sounds like you will buy this property.