Once you get a flavor for the cap rate you should be able to accurately determine the value of the building from the NOI and understand if a refinance is "worth it" in your situation.

Plenty of HMLs have a long-term product separate from their short-term products but they are distinct products.  

However in this case it sounds like the lien has been released so the question is moot.yes foreclosing a junior lien does not remove a senior lien not matter what it is.. although in practice its pretty rare to have IRS lien senior to bank loans.. maybe a private loan where a lender never requested lenders title insurance.Not as rare as you might think, liens of all flavors get missed all the time in title searches.  

The current tax system favors holding land as long as possible and developing it as little as possible, while also placing new entrants to the market at a distinct disadvantage relative to their more seasoned peers.

Recently I bought a 3 unit in the Incline Distinct of East Price Hill.

PMs come in various flavors of honesty, competence and responsiveness.

It sounds like you would have a distinct advantage as you would be the property manager. 

All three are central, but have a slightly different flavor.

One of the key distinctions I've learned in real estate is this one:  investing versus speculating. 

"Downtown" has two main distinctions Market St and The Riverfront.