BUT it is building the solid foundation for some thing big.

Do you have a solid contractor?

The answer is in the published terms of sale.Find a title company that understands that all that matters is that the sale proceeds wire transfer goes to the correct party. 

I understand their are some risk with county liens and, 2nd mortgages being attached to the property, that Imay inherit if I win the auction

This is something to consult with your CPA to further understand the total amount you will be depreciating and on what schedule.There are also many other things that are/could be depreciated and not necessarily wrote off as deductions in full, in any given tax year.

We have solid cash flow on our assets after about two years of ownership but it will take time to get that rolling.If you come for a visit, ping me and I’ll be happy to meet with you and show you around.Stay downtown zip code 29601 to get the full “Greenville” experience.Be ready for a great foodie scene and lots of outdoor activities.

The bank from my understanding will be writing off a loss on this loan as there is not enough money to go around.Here is where it gets interesting, there is a second lien on the properties from a seller of a hotel that the current owner of the 21 unit bought seller finance. obviously there is not enough money to get this guy paid off as the bank is already taking a loss.

I understand the risks involved.

pays $112 deposit)From what I understand, as the new owner of the property, I'm pretty much on the hook for non-payment of the water bill no matter which form I submit.

You will have to look through your PMA to get a better understanding how this works for your scenario.