In our experience, the auction sites tie up the property before they put it in their site.

Call this EAP (Earnings after Payments)To dig a little deeper, I'll also subtract the cash I tied up ($150K is about $30K + any rehab or closing costs at time of purchase) and apply a "cost of cash" (what is my opportunity cost of that investment in a fairly safe instrument), along with any EAP (can be positive or negative) and an estimate for my annual equity build (by estimating this from an amortization table).To clarify:Annual Benefit = Annual Equity Build + / - EAP - Cost of CashNote:  This is not accurate / scientific / mathematically rigorous, and I'm not recommending it as a way to calculate returns.  

We are in a white hot market here so I was not surprised to get a full price offer in 5 days...however the buyer backed out and then I found out that he had 3 other offers in on other properties...I do not understand this...we are NOT talking about REO and flinging out offers hoping one will stick but full price SFR on the MLS...found out later the buyers agent was aware and it must be frustrating to her as well...maybe the buyer thinks he can play sellers off each other and get someone to come off their price but not in this market...as I said it's a hot market...just irks me the property was tied up for 10 days...another seller told me the same thing had happened to him ...next time I will ask the buyers agent if the buyer has made any other offers on other properties...if it's a seminar trick I don't get it !

So either those liens were extinguished or ...It sounds like the previous owner had incurred liens that attached to the property and were not extinguished, so they remain attached to the property.

Total monthly income after expenses and reserves is about $450, or $75 a door.4 performing notes - remaining balance $$185k, purchase price $129k.

This part I am not too sure on, but the warranties are tied to the original purchaser so it's not transferable, as far as I know.If anyone else had a difference experience I would like to know as well.

@Todd Plambeck - it sound like he's wanting to make sure he has a way to offload the properties before he ties them up under contract.

I see one tying one up and then reselling that's about the extent of it.

But if there are any remaining adults or eggs after the 2nd, the 3rd will take them out.It's much easier and effective to treat an empty unit versus one with people (and a food source in them).

Account Closed Yes buying a rental property and living in one unit as I repair the remaining units to be rented out is exactly how I think I should begin.