They have 30 days to respond/pay off the lien and interest.If nobody pays the lien, then you can begin a judicial foreclosure ($1,800k - $2,500k are typical fees when using a lawyer).

As long as they have some privacy, it shouldn't affect their rentability, but it could present some complications when you go to sell it. 

There are some complications under the current rules on how you have to sell your investment in order to make the tax election, but hopefully that will be fixed in the final regulations.Also, a lot of people ask - operating income during the investment is taxable under the normal rules.There can be a lot of complexity for OZ deals, but in the case properties involving a large rehab component, it can be much simpler as long as the structure is in place before you start making purchases.

I don't see how using IRR or any other more complicated metric is better than knowing,  for example,  if I put in $100k, I'm making at $14K on that initial investment every year. 

@Erica Moore Sure- but it's less complicated than you'd think.

Conner, the answer to that question is a long and complicated one.

It's not really that complicated to buy out of state.

Don't make it complicated but make sure it complies with your state law.

I'm a little concerned the listing agent won't even transmit my offer if he feels it's too complicated.  

@Melanie PendreyThis will complicate your tax situation...Mixing HELOC proceeds for whatever you need whenever you need means you need to trace and track proceeds to determine interest deductibility.