You can buy it Subject to the existing mortgage, have them deed the property to you, you will catch up their areears and rent it out. 

One more I can add is the note investor who thought that holding the note gave him the right to determine how the subject property was managed, with approval of tenants, leases, and maintenance contracts.  

Not only do you not save anything in interest (assuming the rates are the same), but you're also eating up your valuable credit line, which is typically a variable rate and is subject to changes in the underlying index.

I’d recommend reviewing your lease terms and following what’s outlined there to ensure you're on solid legal ground.

Great outline. 

Software can be very subjective.

there would be no way you would get financed for this given your lack of knowledge of the subject..

LTV is the subject property is about 49%.  

I love real estate and am devouring anything I can find on the subject of investing.

Standard procedure should be as follows (and clearly outlined in the Lease):Rent is due the first of the month.