If the owner stopped paying, wouldn't the whole country need to go down the gurgler before your non-performing 2nd note would be worth nothing? 

Although it's nice from a non-financing perspective, it is definitely something to keep that in mind.

They required a non-refundable $10,000 upfront deposit as a "loan commitment fee".

The only reason I can see why the seller allowed me to do this is because he wanted me to take all the junk and he was too busy to deal with cleaning and selling (MBA, work and a baby). 

Cody,Usually if you can show progress, the foreclosing entity (non government entities) will work with you.

The primary policy of the LTB is not to evict and aside from non payment of rent adjudicators generally will not evict.  

Therefore, I gave this a lot of thought from my experience of non paying tenants and ive decided to move here for couple years, make 500k and move back to CT. 

@Aaron Mazzrillo  I have never developed one but have repositioned 4 of them. and quite profitable.absorbtion is always the killer and of course were I was working Oregon WA CA the cost of the dirt made these non starters day one.out in the areas they are talking about where the price of properly zoned dirt is a fraction of what we pay..

First time my place was trashed by some festival goers (puke and urin on beds, beer everywhere) and my maid cleaned up and disposed of the trash before airbnb told me I needed to take photos. 

The info is as followsProperty 1: Rents for $1850 a month on a 9 year lease (7.5 years left) to a Arizona specific non-profit.