No profit or loss on this transaction since nothing has changed with property in the few weeks since sale.Here is the concern:There is an IRS lien on the property junior to the foreclosed loan, so the IRS has a 120-day right of redemption. 

And of course you can always change it one way or the other so nothing to worry too much about.

Our laws just changed to say that we just have to do that in our 5 day letter, and not with every payment.  

There's a similar property that just went under contract and there's potential to make a good hunk of change with the one I'm looking at, but didn't know if anyone had experience with a ROW preventing a sale or  being able to get a good market value for it.Also the adjacent lot the ROW is shared with does not appear to be inhabited.

When existing tenants are on month to month rental agreements then you can proceed with legal notice of intended changes.

But you will not know until you ask him, what do you like about this place, what do you want to change, what are your long term goals?

When we move, do we have to change the homestead exemption to the new home?

I specify asked about what if I have a change in status after closing, so long as you still own the property HELOC remains in place.

Does that sliding scale change significantly after 25% down?

You're both very young and your lives, goals, and personalities can change on a dime.