However, when you don't know what you don't know, this is an incredibly dangerous and risky position to be in with such an expensive investment.Just my 2 cents.

.- Due to my position on the board for the condo association, I am aware of long-term large projects that the association intends to embark on.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I recommend before spending thousands of dollars on this you speak to your CPA and your attorney as they will understand your overall financial position and the risk.The question I love to ask is "what are you afraid of being sued for that insurance would not cover you on?"

Is it a wrap note, where your seller-carryback note incorporated the first position note and the buyer pays you in full every month, and then you pay the first position lender?

That was some time ago and opinions do change but last I had heard it was positive.

In the middle of a lawsuit with a 2nd position lien. 

What does a cash positive investment mean to you? 

putting 20% down on $200K will be a $160K (first position)note.

This creates a negative initial position.