The rules in Texas say you have to buy in person...but rarely is that enforced...two or three counties now trying online....so you can bid yourself...as @ned Carey mentioned...the interest rates can be misleading...I would say 95% don't get redeemed so you interest rate is normally zero and in the meantime you have to pay taxes and insurance...so actually often negative interest for two years in Texas...every state is different.   

The two apartment REITs I got a chance to analyze yesterday are AlavonBay Communities (AYB) and its competitor Archstone-Smith Trust (ASN).

And as Ned said - set up some Keyword alerts for terms you are either interested in or knowledgeable about - and maybe some keywords for your local area (so you'll know when people talk about your area in the forums)Also - don't forget a photo!

However, in FL the site is outsourced by asn online auction company and is only up for a limited amount of time prior to the sale.

As Ned said, many of the good areas such as Fed Hill are too pricey to cash flow (or cash flow well).

You should be able to get a partial release including a specific pay-off amount required to sell any of the houses individually.But as @Ned Carey pointed out, the best thing is to look at the original contract - and call the bank to ask them.

To do that figure the payment on a FI calculator and enter that as your payment, take the loan amount and subtract all costs in getting the loan and enter that as the PV, enter the loan term as N and then solve for I the interest.

As Ned mentioned this is usually given to a bank.

As  @Ned Carey so eloquently stated, your grandparents are not helping the tenant, they're enabling the tenant. 

I like to refer to him as Ned Flanders.