Holders of fractionalized interests in the same deed of trust share lien priority rights as to other junior or senior lien holders, but not as to each other.As "co-tenants" or holders of interests in fractionalized trust deeds, they don't necessarily have any priority (to the extent of lien priority rights) over each other.  

You had to be careful about buying junior liens because a foreclosure by the first lien holder could wipe out the investments by all the junior lien holders.Check how it works in your state, but if it is the property you want and not just the note, foreclosure may be in your best interest.

No, the first lien holder does not have to give anything to a second lien holder if the first lien isn't paid off.Ex: House has a 100k mortgage held by Bank A in first position and a 25k mortgage in 2nd position to bank BYou want to buy it at 75k.

I am studying Construction Science and Management and have accepted a job offer to work with Holder Construction.

If a short sale was completed, the Mortgage securing the 2nd note was most definitely released by the Note holder, you can easily verify this in the local records. 

. - Order of repayment (who gets paid first), who has first title holder rights, etc. - Timeframe funds will be tied up.

@Joshua D.If it is a "Judicial Tax Sale" and not an extended "Upset Sale" mortgages could be discharged.The gotcha is that only mortgage and lien holders who have received the notice are discharged. 

Or if one would prefer to partner with a flipper or buy and holder and one puts the money and the other does the deal.

I have never had a good experience renting to section 8 voucher holders, ever.

Afaik the main play is helping the homeowner do a short sale, which requires approval from the second mortgage holder (you).