It's at THAT point that you'll be able to confirm that you bought a great "deal", but, you should already have a clue, based on whether you paid under-market and/or know how to value-add!

So, I am willing to learn and start slow with the goal to have a number of houses in the double digits which would be fully paid off in the next 20 - 30 years so that when I turn around to sell them, I would have a lumpsum that can add to my retirement.

Id say you need to talk to a CPA but why sell it at the same price you paid?

If you think you will go FHA, Conventional, 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

i was trying to see the best way to licate pre closure before list wit agent in columbus oh..

REO properties have there liens wiped out by the bank before they are put on the market, that is one of the advantages of buying REO properties. i just purchased one for the first time, but i did have my attorney in that state do a title check before buying it to make sure, there were a lot on this property but were all wiped clean before it was listed, in this case i just paid that fee at closing, otherwise i would have paid for if i did not buy, but felt it was worth looking into before buying the house.

I spent time looking for the condo got pre-approved by my lender.

Pay off the credit card and keep it paid off each month.  2.  

Our LLC paid cash for these properties and they are producing positive returns.

this is where a good RE investor negotiator can really make a deal happen.first off in the normal course of business  the lien would simply be paid from the sellers proceeds and should no affect you.