Estimate the costs involved. 

Hello-Thank you everyone for making this site such a valuable and informative resource.I'm involved with a performing note that is currently paying 12% interest. 

@Ryan BrooksNot sure why the seller would do that as the lien stays with him not the property once you take ownershipAny $ he makes off the deal goes to IRS first do his best bet would be to sell it for $235k and get IRS and mortgage paid off then he never has to worry about itYou cannot assume someone’s IRS liens

Eventually, we reach a settlement and go back into the courtroom for the judge to make it official.For the most part, the settlement will involve some combination of money and time (how much more time tenant gets before lockout).

Can I DIY some things before involving more and more people. 

I’m not saying it’s a no -go ,but I am saying practice your due diligence and get some professionals involved before you get too jumpy

So a bank is involved?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Your question is actually quite deep and involved.

Get involved and feel free to reach out if you have any questions.