I assume you mean the borrower subject to the lien?).

@Jay HinrichsThanks Jay on the response and you had a lot to say about this subject.  

Depending on their bank and the terms of that note... but often they can owner finance subject to their existing note. 

PUB  is simply as stated a pre planned development.. it usually has an HOA.. and very frequently they are created to increase normal density. 

Start with all the subjects from the last 2 years or so that you think appeal to you and then once you are hooked listen to everything else newest to oldest. it is free, entertaining and in just a few weeks it will give you a pretty complete "education" on everything that is out there.

The class only teaches the subjects you need to know, you still have to study for the exam. 

What I did was run a comp for properties that were sold in the area that have the same gross income/roughly same # units as the subject building would generate (I know the going rental rates for said units in this area already) to determine average sales price as the "ARV" since this property is currently vacant.  

My friend, HOA foreclosures are like Sheriff sales, you buy subject to whatever liens and mortgages are open.

Once you identify the market your interested in, then narrow your choices to markets that you would like to visit frequently that way you enjoy visiting your homes and catching tax breaks for business travel.

$__________Terms: __ Subject To, __ Agr.