Nice that you already have outstanding experience.  

My question is, does anyone know how to find out how much is actually outstanding on that first mortgage?    

The closing company will collect a cashiers check from you and they pay off the outstanding balance, which avoids a costly foreclosure.

They are no outstanding code violations, there are about 6 septic systems on property and one well we are still looking into the condition of those.. 

For example:Contract purchase price - $100,000Outstanding tax lien  - $25,000 (paid out of escrow by closing attorney)Net proceeds to seller - $75,000 (minus any other closing costs)This becomes problematic when the outstanding tax lien exceeds the market value of the property.  

Gift funds (100-150k)I'm assuming I'd also need reserves in the range of 6% of all outstanding investment property principal.

The ones no one wants, for a reason, will Supposedly yield 10-18%....but there is reason experienced people won't touch those properties.Plus, the certificates give you no ownership interests, and to collect on them if the owner doesn't pay, requires paying off all the other outstanding certificates, sending it to auction, and hoping someone bids enough to cover all your costs.

Jeremy Aldridge Gatlinburg, TN is an outstanding choice for a vacation rental!

Lebanon, Hampton, Quaker Valley, Fox Chapel, and Pine Richland are all outstanding school districts and while the homes are still a bit pricey, they aren't nearly as bad as Squirrel Hill.

Most Mortgages contain a "due on sale" clause, allowing the lender to call the entire outstanding principal amount due within 30 days upon a sale of the property secured by the mortgage.