Awesome, just out of curiosity what neighborhood is the property in? 

I just came across a lien note with the following language “Prepayments will be applied to installments on the last maturing principal, and interest on that prepaid principal will immediately cease to accrue.”I had a few people look at this and got 2 different interpretations so casting a wider net for consensus and feedback.

Account Closed Here, they would be code violations, with fines already accruing, utilities, etc.  

For curiosity sake, I am getting my ducks in a row to start making similar leaps at the end of 2020 when I get back to the States and wonder a.)

Out of curiosity, what would you do with a property like this? 

@Amy Spransy you do not need to worry about the Junior Liens, I have purchased around 40 properties at sheriff sales over the years and I have never had an issue with Juniors, you are responsible for back taxes if any, and this years accruing taxes, Municipal charges like special assessments, back water bills, Noxious Weed Cuttings, or city snow removals. but other than that you should be good to go, Oh you are also responsible for Occupancy, like if the borrower or a tenant is living there, and there is some debate regarding value of personal property left behind, but thats up to you to decide. 

And that's why to want to see how ppl are doing it.Out of curiosity what are good markets where decent cashflow is still possible?

If the Association is well run, major expenses are generously accrued for, and there are no onerous rental restrictions, I wouldn’t be concerned about that aspect.

Out of curiosity, have you already purchased a property in the partnership?

Ensure that the amount due is either a.) credited to you on the the closing statement, or b.) paid by the title company from the seller's proceeds at closing.Whether service has been shut off for non-payment or by request, as long as the water company has record of a meter present at the property, charges continue to accrue.