On the left arm of the T put advantages and on the right arm of the T put disadvantages.

You allowed your seller to roll all of your interest into the principal - which is disadvantageous to you for all of the reasons I outlined above.

Fraudulent conveyance...If that were the case though it would be a disadvantage to banks, since the only people buying upside down deals are those who were duped into doing it.

You would have the advantage of still being in California but also the disadvantage from a tax perspective.

I am based in Auckland and work in the CBD and I am at the research stage and strongly leaning towards buy and hold at this stage, however I am all ears when it comes to others experience and their point of views on other methods and what advantages and disadvantages accompany different methods with REI.

The disadvantage with the LOC is the short(er) term or amortization period.

Regardless, yes, if you can get such a lien it could be a cheap way to get to a property, I'm still not sold on the leasing arrangements.Having priority means you get first shot at the dollars from any sale, you would still be placing the junior lien holders at a disadvantage if they had to honor an existing lease agreement.And you know that in any foreclosure notice is given to all other creditors, so usually a subordinate (junior) lien steps up and pays off such small liens to protect its collateral security.I'm not familiar with the NV Bill, but are you saying it blocks (or stalls) foreclosures (probably making the process a judicial foreclosure) and it would only apply to mortgage loans and not all foreclosures?

As others have mentioned, the main disadvantage of FHA is that FHA loans at 90% loan-to-value or less (more than 10% down), have the monthly mortgage insurance premium payable for at least 11 years, and new loans at more than 90% loan-to-value (less than 10% down), have the monthly mortgage insurance will be payable for the life of the loan. 

Both have their advantages and disadvantages but that will at least narrow your search down to a good enough point where I can recommend locations.Thanks!

Of course, I am a syndicator, but there are advantages and disadvantages of syndications that ultimately rely on the investors goal.