Depends on the state.Some states are non-judicial only and others judicial.Some states have pre and post redemption rights.In Georgia we are non-judicial and once it forecloses there is no redemption period for the previous owner to claim.Now an IRS tax lien and other liens can survive the foreclosure sale and not be wiped out.With the IRS you have to wait 120 days for the redemption period.Foreclosing on tax liens is a different animal all together.It just depends on the state and what you are trying to do.

But with a 400k government lien on it, it sounds like disposal of the property is going to be complicated.

There is also normally a judicial process on the books in most states which allows you to go to court and essentially get an order from the judge stating that the lien should have been release.

Sounds complicated?

Sounds more like he made up a complicated formula to continue receiving grant dollars (so he could keep toking it up in NorCal).

Cos like I said everybody says get an LLC, but then everything gets complicated and expansive, when like you guys say with umbrella policies and common sense one should be protected.

Reed also has a book on real estate taxation issues that would be a useful read.Installment sales are very complicated from a taxation standpoint and investors and the IRS don't see eye to eye on how they should be taxed.

I can tell you that inheritances controlled by this many people could get complicated as reaching concensus on a price and terms will need to be sold to 6 parties and some are likely to have illusions of granduer as to the value.

I imagine it's basically the same in other judicial states?

The more I hear from folks around here the more I realize it's not hard (people want to make it more complicated in their heads) and the biggest thing is to just start doing it.