I could use some guidance here.I'm looking at a scenario and I'm new, so any ideas or inputs would  be great.I know a guy ready to give his house over to the bank because he is going broke.I'd like to try and buy his house for a great deal and make it a rental and I'm trying to think of the best technique. since Interest rates are high right now, I dont wanna open a new loan and get locked in at a high interest rate on a potentially long loan. so I was thinking about that promissory note idea. where I promise him to pay his loan payment and it stays in his name, assuming he has a better interest rate than what I could get. any ideas on that tactic?

I'd like to pull some out while I can still lock in a decent rate.

They are ambitious, accomplished, and because of it have spent a lot of time locked away in rooms in great schools and office buildings studying and working hard to improve their futures.And I'll be damned if many of these simps don't end up with life partners whose most developed talent in life is spotting a good fresh simp in a bar or on a website, getting their hooks into him, and sucking all the potential, talent, and verve out of him for the next five or six decades.Don't be that guy.

My fiancee and I currently live in a tenement and we drop a check in a lock box each month.

I have installed their video intercom system in 2 commercial buildings in NY, it integrate with any type of door strike or magnetic lock, and the video quality is amazing. it doesn't require any phone line or data connection.

The opportunity cost issues are: having to pay all utilities plus a housekeeper along with some regulatory overhead from the State, along with some "gotchas" like not being able to put locks on bedroom doors or you're technically operating a boarding house which is a whole different can of worms. 

I’m guessing there was no survey done, hence no one discovered the “land locked” issue?

They will make you one or you can change the locks and let the tenant know that you secured their place while they were out of town.

HoustonCan you please recommend a couple of agents in each market that I can talk to who can be my eyes and ears on the ground?

If they don't answer the door, at least open the door to ensure it's occupied then lock it up and post a notice demanding they contact you within 72 hours or face eviction.They could be dead, abandoned, moving in their three friends and sixteen cats, etc.