In the Purchase agreement it says:This PURCHASE AND SALE AGREEMENT (hereinafter called the "Contract") is entered into by and between _________________________, ________, a ___________ and/or assignee, with an adress of _______________________.That's the section that is confusing me.

@Robert Herrera  I'm thinkin if I spend 3% to buy closing costs and another 8% commission and closing cost to sell (total $11,000) on a $100,000 rental and cash flow $300 a month it's a minimum of three years to get to the place of where I'm starting to get my closing and sales costs money back. and that's if I don't have vacancy's.

Sale Inspection? 

There is sufficient equity at the numbers you shared to do so.When the owner of record (with the tax lien) sells the property, the tax lien will be satisfied from the proceeds of the sale from escrow, prior to the seller receiving any of the sale proceeds.

Always remember to do the math analysis on prospective properties and try to look at them or at least before you make an offer or at least have a clause in the sales contract that allows you the inspection time (about 15 days) that is detailed and allows you to possibly back out of the deal without a penalty that will hurt you too much.

However, those holding a professional license should call it as it is; a "Sale Associate" or a Real Estate Licensee.

If the agent calls me (they are usually slow to follow up) I will make a reasonable offer subject to inspection and a study period.Everything is negotiable - CONTROL IS KING - learn how to control real estate - it is a short cut to cash flow -  it is the best way I know of assigning properties.Who controls real estate - An agent with a listing agreement (treat them well - they are in control for a period of time)An accepted option agreementA buyer with an accepted contract of sale with contingencieshttp://www.realtor.com/realestateandhomes-detail/M...Charles

I sell a house that has underlying mortgage still on a land contract, which put me at risk for a due on sale trigger (understand the risks of note being called from many prior posts).2.  

Always remember to do the math analysis and try to look at the prospective property before you make an offer or at least have a clause in the sales contract that allows you some time (usually 15 days) and to allow you to back out without a penalty that will not hurt you too much.I also went to college, not that it is mandatory, and I got a business degree that had a real estate emphasis.  

It has been listed for a couple of months now and not selling and here is what I know:It was purchased in 4 or 5 months ago as a short sale for 150kThe owner put mayyybe 15K into fixing a few things like electric, the porch, etc.