This should be easily understood, signed by all parties, and not contradict any information in the lease. 

Had the investors used an agent who understood the ins and outs of medium term rentals, they would have avoided a very expensive lesson.When placed in great neighborhoods, medium term rentals are excellent investments.

I doubt he understood you wanted the first $480,000 plus reimbursed for renovations before he sees anything.

The beds weren't made and everything was not perfect there yet but she told me she was fine with that and understood.

So I wanted to be sure I understood the lien position and redemption before considering them

The ease of just handing over cash is infinitely more tolerable than a difficult real estate transaction that most likely isn't even understood by the heirs.

What I never understood with some seller finance sellers is that their buyer could not qualify for a traditional loan, yet the owner of the house feels comfortable enough to lend to these same buyers?

If I'd understood that a $5,500 bid included ALL the back taxes, I could and would have gone much higher in the bidding.  

I thought I understood buying down points until I starting reading these posts.

Understood David.