We see these disruptions in inflation manifested all around us, but the sectors that the government has gone "whole hog" in, inflation has been particularly wild:  Healthcare, college/higher education, and real estate. 

Learn as much as you can and don’t discount this process as education for the future  even if you don’t close  

Stay skeptical.Herzliche Grüße-Andreas* The preceding has been my opinion only, the views are my own, and are intended for educational and entertainment purposes only and does not constitute financial advice.

Income Digs has great YouTube videos on how to tailor QBO for real estate investors if you're looking for a DIY approach or some education on it. 

I don't want to alarm you, but you need to get educated as quickly as possible on NYS tenant/landlord law.

First, I recommend to get a lot more education on this as the terminology you are using is confusing as you talk about buying a second mortgage which is literally buying a second mortgage, but it sounds like what you are talking about is buying a property at foreclosure auction whereas it is being foreclosed on by a 2nd or HOA. 

That’s the bad news about lending.Since you’ll be throwing large sums around, make sure you have a really good lending attorney to educate and keep you in compliance.

Here's the difference between the two - a CPA typically has to have a bachelor's degree in accounting and masters level of education then pass a series of difficult accounting exams, while an accountant may have zero qualifications; this could be your local bookkeeper who learned everything on the job.There is also an Enrolled Agent.

Each of them sought the property for their primary purpose of worship/office/etc, and then sought out additional uses as well - nursery school, food bank, place of worship for a Jewish congregation (Saturday versus Sunday), auxiliary space for the local library that needed additional educational space, counseling, etc.There is merit to your concept, but many factors come into consideration:  zoning, parking, how easy it is to "convert" space, etc. 

(Not easy to do without experience I know) but that's where education comes into play.Finding motivated sellers, being able to communicate effectively, problem solving, understanding of market values, and an understanding of rehab cost.