If a third party buys at the auction, a bank doesn’t pay ANY other liens from their proceeds, unless the auction price was More than their debt......and then anything above the judgment amount is not their money anyway, it goes to junior lien holders in a specific state mandated order, and if any is left over it goes to the borrower.On the other hand, if the Bank gets the property back at the auction, Then they typically pay these liens off, out of their pocket, so they can deliver clear title when Selling the REO.

I didn't want to lose the 3 plex so we went along with what they said, but it didn't sit right that they were going to remove my name from the title (to meet debt to income requirements) and then also mandate that the property is listed on the MLS (even though my name wasn't on the title).The 3 plex was purchased and the City rental Inspection is this week.  

Well, given that whether or not the neighborhood has "noise problems" is one of the questions on the mandated Transfer Disclosure Statement in California, I can't see how stating that it doesn't have them would be a violation.

In the meantime you can submit an Opra request to Jersey City and they would have to forward you the information within 7 to 10 business days as mandated by law.

HUD guidelines are mandated to be followed by all the local housing authorities.  

The house raising or demolition is usually mandated when a house has substantial damage, or some similar term they use, which basically means over 50% damaged. 

That being said, NJ is a very lazy state and nearly never revals unless there is an appeal or a mandated revaluation from the county of state.

I will be house hacking it for a year or so but want to know if I can essentially turn the property into an LLC at all or after the year mandated is up?

I think some of the responses here are not taking into account the 3 day attorney review mandated by the state of New Jersey, where the property is located. 

Essentially had three 401Ks with different custodians and simply did a “rollover”.Luckily, my laziness paid off as most folks are told to roll it over to the current employer... bad idea unless it’s either mandated or required (usually <5K vested balance per 401K).