You'll immediately gain property management experience, rehab experience, acquisition experience, and experience in assessing the quality of assets.That sure sounds better than stuffing money under the pillow to pay off debt first.

Generally, it's not worth even making an offer until they are desperate, meaning foreclosure is imminent and the property owner does not have the funds to redeem the property by paying off the tax debt.

I was looking to hopefully get around $150k and buy a fixer upper on some land and pay cash and be debt free completely.

Better to build your own equity through the debt pay down, enjoy the tax benefits of ownership, and garner the equity of an appreciating asset.

Initials verify that the Tenants understand this paragraph.I am not a lawyer nor am I giving legal advice by providing this information.  

But I could use some direction on structure and legals. 

She now has it rehabbed as a legal 6-plex, lives there & manages it herself & she is one tough landlord. 

Office Supplies (e.g. stamps, envelopes)SoftwareGas/MileageAdvertising + Payroll12) Lawyer/Law office/Legal fees13) Accounting/Bookkeeping/CPA/Tax preparer/Tax advisor

Additionally for those that believe cash flow increases over time due to various different factors, rent increase, reduced debt etc. in the truest since of the definition of cash flow if a "property " does not have positive cash flow from day one it can never have true positive cash flow. 

I decided that I was going to go back to school, finish up my Law Enforcement degree, become a police officer, make more money and pay off my debt.