The seller must give you written notice before starting a forfeiture action, and you would then have 10 days to completely perform your contract obligations, including payment of the full remaining balance of the purchase price.

Make sure to check out the Bigger Pockets Blog: https://www.biggerpockets.com/renewsblog/It is full of great information

FIRST - YOU need to have just a few of my credentials - 74 years old - in real estate and development for 48 years - a Mason - auctioneer and full time investor.If it is OK with you - this is how we'll work - I will give you instruction on how to develop real estate leads - the leads call me or you - I interview the lead and determine from their answers if their property has any EQUITY.

The area around Montana Tech is nice, but be careful when a landlord presents you with his CAP rate calculations, as they stuff those tiny houses full of college kids. 

You are asking for a world full of trouble.

I'm a licensed REALTOR and also have a full time career.  

I just started working full time in a corporate role and am brand new in the world of real estate. 

It appears to be on a reservation because the Bureau of Indian Affairs is involved, @John D. and it also appears that that it may be a contract for deed (land contract, installment sale contract) where the seller received full payment over time, but never transferred the ownership to the buyer even though it was fully paid by the end of the contract. 

However, I've seen the full income statement from the last 2 years, and the previous owner hasn't been making nearly as much as I would expect, mainly due to high costs.First question: should I be worried that this is a lemon... or is it an opportunity?

Please have the background check, credit check and check his employment to make sure how stable his job is.By then, you will get the full picture and let those guys know upfront that you are planning on inspecting the property for pot smell every month or quarter - if they are still doing drugs they may not lease and if they they lease after your warning about monthly inspections, 99% of the times they must be clean.This is what I would do if I am in this situation and not sure if this is best solution or not though!!!