You would probably be better off purchasing at the auction since it is this close already that way you aren't stuck with some junior mortgages and other liens.

We currently have plenty of reserves for our properties (6 months total for all combined properties for full total income) with a separate cash reserve to aquire a deal once the right one presents itself Best, Junior

Junior, what is the average rent in the area you are looking to buy?

When I was a Junior in College, I attended my first ever real estate seminar with the guys at Fortune Builders.

With the help of a entrepreneurial father I took a year off between my sophomore and junior years to 'start a business' locally.

Regardless, yes, if you can get such a lien it could be a cheap way to get to a property, I'm still not sold on the leasing arrangements.Having priority means you get first shot at the dollars from any sale, you would still be placing the junior lien holders at a disadvantage if they had to honor an existing lease agreement.And you know that in any foreclosure notice is given to all other creditors, so usually a subordinate (junior) lien steps up and pays off such small liens to protect its collateral security.I'm not familiar with the NV Bill, but are you saying it blocks (or stalls) foreclosures (probably making the process a judicial foreclosure) and it would only apply to mortgage loans and not all foreclosures?

It's like Los Angeles junior out here. 

See about getting your foot in the door with someone in the biz who'll take a small amount of money as a debt product -- a promissory note or other arrangement -- and work your way up in trust or other add-value work to have a space in a deal with them on the equity side eventually.I've done this successfully with junior and new people I care about supporting and helping get going.

You are correct in your assumptions, but in this case I would proceed with caution by approaching the trustee since, as you stated, you would be responsible for the junior liens and judgment liens on the property.

Be the senior lien, only come in as a junior lien if you know what you're doing.