In addition to that, I would also advise getting yourself/company named as a certificate holder, or even additional insured so that you would be notified in the event the policy were to lapse or cancel.

HUD just did an investigation on the housing authority and found something like $1.3M of HUD money that was supposed to go to recipient holders in an escrow account, just sitting there.  

For purposes of this subparagraph, in the case of an S corporation, an allocable share shall be the share holder’s pro rata share of an item.

If she is the legal owner then she can deduct the payments made to you as the note holder (see #4 above).I am not saying to avoid doing the deal.

Do you have any suggestions for a broken shower holder?

If the value of the first, plus the second, plus all expenses, is less than the property is worth at any point along the process, then this is not a safe investment for the holder of the second.

Now as mention above, the State this foreclosed in is NY, so as a secured lien holder this state DOES allow you to do a deficiency judgement against the borrower for the amount owed on the property.

Yes, you have it right as to NPN.You might try to look at seller financed notes and simply fund a new loan to that note holder taking that note as collateral, this will put you more into a hard money lender position and registrations can be simplified at that level.

.. and i read any lien holder can credit bid.. so can't i use my 10k debt to credit  bid assuming it goes over the senior lien debt amount ?..

Seems to me, your fee should be much lower allowing this unit to be re-sellable to a buy and holder.