if it is then the property might be in a non-participation community for the NFIP/FEMA program and if this is the case then you will not be able to get flood insurance on the property through the government program and the community is not recognized as being in compliance with the building guidelines.

@Chris Dunham If you are planning to be a wholesaler, start meeting them on the DREIAs on your area, read some good books,  they will help your business if you show genuine interest on them and their business,   good luck 

Account Closed  I think the first thing you correctly recognized is that its not investing its a business.and as such to be successful at it and plenty are.. you need to be able to scale and have the time energy etc to do that.. and include in that the know how.. you can get know how from many sources .. notes are not that complicated.. but the laws surrounding them these days and the notes that seem to be targeted OWNER OCC notes are the most difficult to deal with most of the time.. with dodd frank compliance and all that stuff..

If I've taken depreciation on it in past years would that be recognized in a positive or negative way for me when I sell/ exchange?

If you want to purchase two or three 4-unit multifamilies as a package deal from a seller is it then recognized as a large multifamily purchase?

It is recognizing the fact that notes ARE different. 

The authorization does not need to be notarized.I'm genuinely interested to hear how you have a property under contract without knowing the payoff.

@Tim Wilkinson, a sale of an asset that creates a profit will recognize a gain and the tax on that gain. 

Better get those funds genuinely sourced BEFORE putting in Offers. 3.

Thanks for recognizing that I had the case of analysis paralysis!!