Students must live in campus approved housing for freshman and sophomore years, and junior and senior students with scholarships are also required to do so, however juniors and seniors without scholarships tell me they are anxious to live "off campus"Since apartment is one block from university, students can walk to campus, saving them parking permit fees.Additional income could be had by putting in coin laundry, soda/snack machines, and renting out storage units in basement as well as garage space.I have a friend that currently is the maintenance man for the entire university, and he is questioning students as to how much rent they are paying to live off campus currently.OPTIONS:  Rent furnished apartments to 4 students per two bedroom and two in basement unitRent furnished apartments to 4 students per two bedroom and create common area in basement for study/recreationRent all units unfurnishedOption to raise rents by including all furnishings, cable, wifi, cleaning service etc. with them simply paying rent and electric.FINANCINGtax value (not market value) 105,000Taxes $2,200 with no exemptionsProperty currently has a 30K mortgage left of a 55k loan previously taken out to "give first child his half"Owner, due to age is most interested in payments, and leaving remainder to 2nd child for "her half" Owner has expressed the following offer :30K to pay off current mortgage, and 250K to purchase an annuity that would pay $10K/year for his and his daughters lifetime.In its present state, I question whether the property is able to be financed FHA due to condition, though it is a solid building, the maintenance has been deferred.comps on property are practically non existent.MY SITUATION:I have perfect credit, and am about to flip a seasoned home with no mortgage and expect to clear approx. 70K.I am single, steady long term employment, and have no debt.I have a realtors license in inactive status, and have hands on experience with major property improvements.I am a "Dave Ramsey" girl, and debt makes me quiver...  :-)Note: Property is currently in a Life Estate Rev.

You have to establish which liens are senior to the lien position being foreclosed, and which are junior; and you have to know the types of liens that are super-priority in that local area.

Long Time Frame of 1-1.5 years: Purchase a blended pool of 7-9 Nonperforming Junior liens, and attempt to workout repayment, a settlement, or foreclose.  

I'm currently a Junior in college in the Northeast, but Charlotte is my home and I'll be moving back there after I graduate. 

Loan File Chain of assignmentTitle – Verify lien position, other junior liensNote modifications / forbearanceOrigination documents – 1003, disclosures, HUDVerify Fee simple estateServicing File Mortgage payment historyBorrower Credit ratingLegal In bankruptcy process?

If you buy the senior lien position all junior positions will be wiped off title.

Assuming the note of the senior lienholder is a typical institutional note with a due on sale clause:Can the senior lienholder accelerate a loan when a 3rd party obtains title by means of a trustee sale of a junior lien?

I have bought several properties that had IRS liens against them, all in junior position to the mortgage being foreclosed on.  

Work on finding an internship with a real estate company in your sophomore or junior year too, that way you can make connections and find a mentor to help you along the way.

So, you're bidding for the equity, as other bidders will be also, not the full property value.In the second scenario, you're simply a junior lien holder, and if you foreclose, you're only entitled to what you're owed, of a third party buys it.