Short answer is as little as possible.The long answer is it depends on the deal.Typically you end up in a subject 2 situation when the current owner has little or no equity in the property, the current advantage of subject 2 properties is that most mortgages are below current market rates.Keep in mind when acquiring a property subject 2, in most instances you are not notifying the current lender of the change in ownership, and most if not all mortgages have a due on sale clause, which is the lender's decision if they want to enforce it or not.I personally like the idea its a great way to get investment properties with low rate loans, that with most likely appreciate in the coming years.

The first year is going to be really hard. 

None of our leases expire in the winter because of the extra challenges of getting a qualified tenant at that time of year.  

We picked 5 years.  

I currently own a townhouse in Natick with a low mortgage rate and am considering buying another home to move into for 2-3 years, then probably renting it out.

In most municipalities approvals have a few year shelf life and in the event new regulations or new zoning bills are passed you could lose the benefit of the in place zoning/development procedures.

It is landlord-friendly, and specific pockets have gone upwards of 2-4x in the last 5-10 years.

Some say they have policies that they won't issue title unless a year, two years or even FOUR years have passed after the redemption period has passed. 

We funded one of his deals earlier this year. 

Remember as the old adage goes the best deals are generally the deals you walk away from.