Right now, I guess I would stick with the plan to buy the first and once owned tell the second lien to go pound sand, however I also recognize I do not fully understand your agreement with the borrower which could put you in an awkward position for all of this as well.  

However, unless the property is abandoned, the owners are probably still living there for the three years and so it would be difficult/awkward to make improvements. 

- they are the last cabinets to be used because they're so awkward to reach

Question is wouldn't it be a awkward position .. the house seller thinking ..

I am at an awkward stage where I am realizing how little I know about real estate investing, but have all of the impetus to go get started right now.

I am at an awkward stage where I am realizing how little I know about real estate investing, but have all of the impetus to go get started right now.

Right on good suggestion it can be awkward asking people you deal with on a daily basis for money.Thank you for the replyLarry

The rental agreement flows with the property unless it is very awkwardly written.All this said, any form of deed will in general work for you per se.  

If the management relationship does not work out you are in an awkward situation with potential wrongful eviction type lawsuits. 3.

These could be great additions to any awkward spaces like you find in older homes.My concern would be cost.