What have you guys found the best way to consistently (systematize) the payment of the mortgage holders mortgage statement. 1) We had the seller write a letter to the banking institution telling them that we will be managing the property in his absence and to send all information to our business address. 2) We tried to get access to his online banking but his personal banking information and mortgage information are connected so he did not want to give us access there. 

Flippers have this skill but it would work for buy and holders too. 

That's all you are protecting since you don't own the remaining equity --- the Note holder really does and they have the first lien position!

Sometimes I lived with a hefty bank account, and other times I was counting the change rattling around in my cup holders to buy lunch.

They cannot simply take your tax sale property away from you.The investor is obligated to provide certified mail notice to all lien holders.

You become the junior lien holder.

I concentrate on bank owned, short sales, and picking up properties on contract...the auctions here are too full of collusion.The ideal situation for me would have been to negotiate with the lien holders prior to auction...but the homeowner wanted nothing to do with any of that.

Andrew Isaacs I agree this takes in many issues, maybe you can chime in on a modification of the by-laws to two areas for stock holders to manage, dividing the property by a legal description only within the holding company, allowing named stock holders to manage, sell, convey, encumber, etc. by special POA as this could be done without a change in title.

Note from mod: split this from http://www.biggerpockets.com/forums/70-tax-liens-notes-paper-cash-flows-discussion/topics/80697-trouble-locating-current-holder-of-2nd-mortgage?

Checkbook control does offer more flexibility, but puts the responsibility of understanding the rules on the IRA account holder.