The posts here about these 2 states varies from legal and illegal....Practically all deliverable inventory I currently see is in these 2 states. 

I am not allowed to give legal advice however, until you own it it's not your property.

EXACTLY and get pre approved before you count on it.. 

Total Insurance Estimate $ 262.50 Current rent $ 800.00 $ 9,600.00 $ 10.40       $ 21.88 Less: vacancy allowance - 10% $ 40.00 $ 480.00         Net Rental Income $ 760.00 $ 9,120.00   Property Taxes 2.5264% $ 505.28 Plus: Other Income $ - $ -         Total Income $ 760.00 $ 9,120.00 $ 9.88                 EXPENSES         Property Management $ - $ -         Repairs & Maintenance $ 100.00 $ 1,200.00         HOA $ 250.00 $ 3,000.00         Advertising & Legal         Insurance $ 167.00 $ 2,004.00 $ 2.17         Total Expenses $ 517.00 $ 6,204.00 $ 6.72                 Net Operating Income (NOI) $ 243.00 $ 2,916.00                 Less Debt Service (PI) $155.06 $ 1,860.72 $ 2.02         Less Property Taxes $ 42.11 $ -                 Net Cashflow $ 45.83 $ 1,055.28                 Operating Expense Ratio 68.0% (Total Expenses/Total Income)               MORTGAGE INFO         Total Loan Amount $ 20,000         Type of Loan Seller Financed         Term (Months) 240         Interest Rate .07         Down Payment $ 2,000 10.00%         Monthly Payment (PITI) $155.06                 Purchase Price $ 75,000         Closing costs $ 3,000         Rehab $ 7,000         Total initial investment $ 85,000                 LTV 27% Loan Amount/Purchase Price         Cap Rate 4% Annual NOI/Price         Cash-on-Cash Return 146% Annual before-tax cash flow (i.e., NOI)/Down payment    

well, that needs to be legally disclosed.

Banks want confidence that they will be repaid and using a property with greater equity may increase your chances of an approval.  

Let's face it, bandit signs are not professional, and in most areas, they're not even legal.

Doing this will legally allow you to sell the property without a license.Hope this helps good luck

If it's 25%, that means I will be able to pull out around 250K in cash and put down 80K on three separate homes valued at about 320K each (25% down).If i do a HELOC, i will have to pull 80K from my HELOC that i already have approved and will only be able to buy 1 house for 25% down at 320K.Too many options?

However, if the current owner of record does appear and does claim an interest in the property, then the party who has been paying the taxes would need to either provide the bankruptcy judgement as proof of their interest, or make a claim of adverse possession (that is assuming they can meet the legal requirements for adverse possession).