The way he did it was he took out a HELOC to do the addition and he had some extra money leftover, which he then used to purchase a note.

I sold the home in April of 2014 and have the HUD showing principle balance paid in full and the check I received for leftover equity (a little over $10k).

Presuming you're closing through a title company the money would go into escrow to pay off the existing liens and closing costs then to the seller for anything left over as profit

@Raphael Turner  You would be able to go up to 75% with a conventional cash out refinance - that would pay off your current loan and you would keep any funds left over as cash out. 

In this day and age, a simple text message/e-mail stating that she has moved out and whatever property is left over is considered abandoned is too easy not to get.

If a third party buys at the auction, a bank doesn’t pay ANY other liens from their proceeds, unless the auction price was More than their debt......and then anything above the judgment amount is not their money anyway, it goes to junior lien holders in a specific state mandated order, and if any is left over it goes to the borrower.On the other hand, if the Bank gets the property back at the auction, Then they typically pay these liens off, out of their pocket, so they can deliver clear title when Selling the REO.

Total costs about 150 bucks in supplies with plenty left over for future treatments.

I'm looking at a cushion of about $50K left over.

Use your $25K for the minimum down payment (minimum down so you'll have some left over), closing costs, and reserves.

(which requires tenant signature)Unless you are using a substandard lease or a pre 2012 wisconsin lease you should not be storing tenants leftovers.