The 1st floor tenant went on vacation, came back, found electrical usage while he was gone, got hold of the utility, and the subsequent investigation uncovered the error.

One corner of the house has a serious foundation issue, main stack should be replaced, flat roof needs serious work, major leaks in that moldy smelling bathroom (we found gym shorts wrapped around the toilet drain and subsequently sprayed with flex-seal, OMG).

if one was to start with 3/5/7 ARM based loans at the beginning will the bank check on live-in vs renting status to decide interest rate subsequently when the loan reaches annual rate adjustment state?

Just was quite…. expensive… :)To your questions:Yes, I am looking cash out based on ARV and repeat for subsequent deals.Nope - this would be my 3rd SFH in Memphis.

Subsequent loans were easier to get due to history and more collateral. 

It took place after the effects of the 2008 financial crash had subsided and before COVID-19 and the subsequent unprecedented rate hikes by the Federal Reserve.

You never pay the taxes, you just keep exercising your right of first refusal to buy subsequent year's tax liens, until you are ready to foreclose.

Perry, this is exactly what BiggerPockets is perfect for, I'm not just saying to study the topics within the forums as a brush off, the steps to start really are listed multiple times in multiple threads, there are even threads and blogs of people documenting each step they took in their first and subsequent deals.Read these, Take notes, apply what you learn, be comfortable with the steps, and attack it!

Deeds and other instruments; recording; when effective as notice; possession of real estate; not effective as notice; when.(1) Except as otherwise provided in sections 76-3413 to 76-3415, all deeds, mortgages, and other instruments of writing which are required to be or which under the laws of this state may be recorded, shall take effect and be in force from and after the time of delivering such instruments to the register of deeds for recording, and not before, as to all creditors and subsequent purchasers in good faith without notice. 

Not bad for the homeowner UNLESS he/she misses TWO years or more and the subsequent liens are automatically purchased by the 1st tax lien holder at 18%.