Most other liens and judgements are almost always junior to the loan you are buying and will be wiped out, as pretty much no lender will make a loan to someone with outstanding judgements (except perhaps a purchase money loan which is protected from those anyway).

Should I offer it anyway even though I am almost sure they will reject it in that it is barely over the outstanding mortgage?

I'm a full time guy.......I started by buying a rental house, then i built storage units, then I started flipping all the while building my rental fleet.

I have owned about 10 condos and I got rid of all of them because I did not like what I saw.I think you did an outstanding job with your purchasing power.

They owner has installed some new drains but it has not rained since then to test them out.I called the owner and asked why she was selling she said that it was because she was "simplifying" and conveniently did not mention the flooding.I have a few questions on this 1) will the seller have to disclose the flooding issue 2) would FHA approve of a loan on this house since it has not been proven the flooding is under control.She is wanting the higher end compared to comps in the area (again with the out standing flooding issue) but has come down a little bit in the last month.Another wrinkle we have some friends that are looking for a home they cannot obtain a loan right now due to some credit issues they are fixing.

I mean, they did an OUTSTANDING job!!

I think you should work on and pay off any outstanding debt, due to the fact you have time on your loans.

A title search will tell you exactly what's outstanding on the property.

The numbers:Puchase/Taxes/Closing: $22kRehab: $260kCarrying Cost: $18k (6 months of interest and the interest on the Hard money Lend)Appraisal: $422k20% Equity left in: $85kMoney Out: $337K (paid 302k of outstanding loans/lends)Cash in Pocket: $35KRent: $3200/moI took the cash and used it to put down on another property.

The upside with this is you only pay when you have a balance outstanding.