We missed that the property had been in a prior tax sale and subsequently the redemption period ended, and even though we tried to fix it, it was too late and we lost the asset.

FULL STOP  Your ability to make such a profit will depend on your ability to manage the asset better than the prior owner.As a seller, the broker should be helping you determine the price point, at that time, that attracts enough buyers to achieve an optimal sales price.

The 2 friends did not want to create an LLC with all 3 partners prior to purchasing because they wanted to use proceeds from a 1031 exchange.

Given that the industrial market is softer than the prior few years, I intend to buyout/wait until current leases expire and leverage the space into self-storage. 

I didn't walk the house prior to making an offer and prior to closing.

You should either buy with a DSCR up front if the property is eligible and self fund your rehab or hard money for acquisition, do most rehab to common areas with the exception of additional walls prior to refinancing into a long term DSCR loan. 

My bet is both those will be redeemed prior to auction.  

The market was much more forgiving and easier to find deals if you bought in 2012 to early 2022 and more so prior to 2012. 

Prior to syndicating deals, I worked for a commercial real estate investor in NYC for 14 years and gained a lot of knowledge and practical experience while in that role. 

Has anyone had any success negotiating a lowered payoff for a medicare lien on a property headed for foreclosure auction?  My seller is on hospice and her old house is scheduled for lender auction soon but comes with ...