This property is unlike any thing else Ive purchased, it's more bread and butter and the former owners lacked in management skills and did not have any policies and procedures in place.

Subletting just means you go through the normal procedure of renting a home and then you just move in another tenant to cover the rent and a little bit of a markup.

I am new to any situation as this and would like to know the procedures I should take or things that can help me.

Things I'm worried about are anything related to rent control, anything related to the tenants rights that I haven't thought about before (like cases of tenant being not mentally there as I know in Los Angeles where I'm from, things like that might impact procedure), etc.    

Not looking for someone to do it for me, just someone to help me understand the procedures.

Right now im just trying to understand the procedures to buying a house, or any property. i just want all the information i can get right now. im scared of getting in over my head and going into debt.

The IRS does have a lien release procedure that has been posted elsewhere in the BP forums already.

Meanwhile, Doug is out there doing new seminars on different topics: Freedom$oft is one. ...This is just the usual affiliate marketing at its finest.

If so, the title insurance/closing agent/selling bank will have to cure it, likely thru reopening and amending the foreclosure...don't know how your procedures work there. 

As a representative to one of Boise's finest Property Management Companies, Realty Management Associates, I'm happy to be of service if you have any questions regarding the rental market in Boise - don't hesitate to ask.