Maria, many Countys have online property search some with the actual lien holder on it.

I'd rather be a note holder than a landlord anyday!

For security the investor will be first lien holder just as any traditional mortgage would be.

If each of these account holders hold a small average of $1,000 in their account, that is a large $100M hit to BofA!!

If you are a long-term holder and the property is high quality, high demand both from a renter's perspective and a future buyer's perspective, and you can manage or get it managed correctly, possibly.

Alisha,I would second what Jon said about talking with the note holder.

No big deal in NJ except the added penalty (as much as 6%) and possible interest.But if it's a pending 'tax foreclosure' make sure you communicate with the tax lien holder's attorney asap and let them know that you are purchasing the property and paying off the taxes.

Thinking about selling a couple properties and carrying the note.

Questions:
1) What do you require down? (ex: 10%, 20%, 25%, etc...)
2) Pull Credit?
3) Interest rate you charge?

Any other words of advice o...

Being a title holder, but not obligated on the mtg., doesn't affect getting other financing.  

I would go to the bank/ mortgage holder with your uncle and explain the situation.