The loan is a commercial cash out refinance at 4.75% with a 5 year rate reset and a 10 year balloon.The property rents for $1,350 per month.

People love to rent something for a week or two up north during the summer.Best wishes for profitable real estate and a productive school year!

The billboard company has 6 years left on their lease and as with any major billboard company they have an easy out in the lease(90 days).

I am no mentor, but a long time Brooklyn owner of both condos and a multi-family.  

Two helpful hints, 1. to address someone use the @ sign follow by a few letters of the person name and then wait a quick second and a list will appear.  2.

I have 13 years of experience and a dedication to each project. 

LENDERS won't count your 1st property's mortgage against your income if you have a signed written lease and 6 months verified tenant paid rents.DON'T BUY YOUR dream home now, buy the most rent-able  property: a minimum.                    3 BR 2 BA SINGLE FAMILY HOME ,  bigger if you can afford and a garage is a huge plus.

And yes is you buy a junior position the other mortgages senior to you stay in place but the IRS goes away as stated.. its the first in time is first inline ... so say you bought a second TD and there was a first td and a few mechanics liens filed before the 2nd was filed then those stay.. although rare because the second usually wanted title insurance and would not fund with liens in front of it.I loved Trustee or Sherrifs sales when IRS liens were there.. it scared all the newbies away.. and or those that had to back fill with a loan ASAP and could not wait out the 120 days.

You could potentially use a UCC1, but I wouldn't do it without title insurance and a title report or things could appear on the title of the property with a UCC1 filing.  

Make sure the agent knows you may assign this purchase agreement so the agreement reflects that.I uploaded an assignment contract and a purchase agreement on this site.