If there is considerable equity in the property, this situation can be quite profitable, by acquiring the seller's interest and subsequently foreclosing on the non-selling co-owner for his/her unpaid portion of the expenses.It works like this, do a title search to confirm who has how much interest in the house, and get a good inspection to see what maintenance is currently required. 

The strategy is to keep the property preforming + offsetting our expenses as long as possible by renovating units, bringing them to market, and turning over the subsequent units.

If there's a property that has already had a foreclosure suit filed against the property owner by a holder of a tax lien certificate against that property and I own a subsequent tax lien on the same property, will the Plaintiff be required to pay off my TLC if/when they win the case? 

@Chris Reeves  Not at all my area of expertise.. however I have been around a few syndicators over the years.. and the general partner usually has some pretty good discretion in the event the sunset and subsequent sale is not optimal.And I imagine the sponsor could just go back to the investors for a vote to see what they want to do.I have seen though fixed debt get called in the last GFC... with owners that were on 5 year call notes ... having their notes called because the bank was not in a position to roll it over..

The downside is they might try to retrade you later if they subsequently realize that they gave up too much, or might not even be able to perform on the acquisition, leaving you holding an empty bag. 

My plan is to use the house in Philadelphia as a tent pole for financing the house in Pittsburgh and any subsequent houses I may purchase after that .

That and my subsequent experience as a Real Estate Agent is a foundation for a new initiative, a new result and an outstanding life.

You can make this transfer to a limited liability company (LLC), provided that "The mortgage loan was purchased or securitized by Fannie Mae on or after June 1, 2016, andthe LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).Note: The servicer must notify the borrower that a property transferred to an LLC must be transferred back to a natural person prior to any subsequent refinance application in order to meet Fannie Mae’s Selling Guide underwriting requirements."

@Tania GhoseiIf you get involved in auction buys going after occupied foreclosures looking for the big score, you have to have deep pockets for contingencies like these.Your plan to get the eviction AND subsequent renovation AND showing AND closing done in a whirlwind two months with or without an attorney in a city like DC isn't particularly realistic.But this is how I would try: show up at the door and offer cash for keys.

Multi family on Albany Street went onto the market at 298k, had a bidding war and subsequently and accepted offer at 340k.