I want to first point out that the property needed renovation after apparently a storm that damaged the foundation of the home and it took about 7 months and a great deal of money to fix.

I would like to consider acquiring a property at a tax sale, and do not mind waiting out the 6-month redemption period, assuming the chances are high that I will indeed end up with the actual property at the end of the 6-months, if that makes sense?

Plan currently is to offer a six month lease when their current lease ends to have it end in summer, with the thought that at any point they would give me their notice of vacating hopefully with atleast 30-45 days to find a new tenant.

“Work” the note by offering a smaller discount for payoff to the debtor, or by enticing an increase in monthly payments for a decrease in interest rate, which should if structured correctly increase you yield.I have successfully used all these techniques and many others to enhance my returns.

You'll want to look more at the closing costs than the interest rate since you should have 50k worth of work done in a few months and your rate is annualized meaning that you'd be paying about 1% interest per month.

In today's dollar terms if we bring in $10K/month with real-estate cash-flow that would make us financially independent.Current real-estate portfolio:  - Own 4 properties, mostly duplexes in the state of Oklahoma

It requires anybody who sells, assigns, whatever 2 parcels in a 12 month period to get licensed and associate with a broker.

Hurricane insurance is something like $600 per month.  

With the scenario you explained above, I feel there would be some awkwardness in the relationship if you invested $10k and months later made $40k on their home.

Current total monthly rent is $2675.