This is a very busy commercial strip with lots of new development, mostly big box stores and national chains, so I am optimistic that there will continue to be people wanting office or similar space here. 

@Damaso Bautista #7 is gold..

Any title company or real estate attorney or even an individual familiar with the county clerks office and property records bureau can do a chain of title search and determine your lien position.

Anyone still receiving "daisy chain" properties?

All of these replies a worth gold.

The equity/cash return may not be stellar, but with leverage I'm seeking something close to or hopefully better than 8%+ cash-on-cash return assuming zero appreciation.I live in Harrison NJ and I'm mainly looking at adjacent areas that I'm familiar with or potentially I can get familiar with: Kearny, Harrison and Newark, I found the price and tax at Harrison and Kearny killing the cash flows and it's very difficult to get numbers working even on paper.I hear Newark being tricky given certain neighborhood can be rough and it can vary block-by-block, while I did hear people talking about Newark being a 'gold mine'.

From what I understand, a quit claim deed breaks the chain of title.

If you do this if anything you will get blackballed and you the assumption you are making act in commercial real estate is that people are stupid enough to allow you to daisy chain a deal.

Good tenants are gold, bad tenants are the plague.

Being chained to a negative equity situation brings some sleepless nights when life happensIf you still want to do the deal, back out the interest and offer $450k at 12% and present the total $$$ he would receive over time