Be very, very careful.  

I would read the Actual subordination agreement online myself though.

I have read many of your forum posts and they are very helpful and insightful!

From reading your post I was slightly confused, are you asking what someone would do in this scenario assuming you had the opportunity to buy a property at $1.2M that had some room for value add? 

I'm unsure what the right path is, but I've been reading about investing in owner-occupied, multi-family properties.

I also have property management companies run my properties as well.SituationGoing to close on a property in Minnesota, and upon looking into the rental licensing for this particular college town Saint Cloud I read some disturbing information which I couldn’t believe was real.It states in the application that if the owner lives 45 miles from Saint Cloud.

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..Wishing you the best!

Go to a lawyer knowledgeable on real estate and they can take care of it for you.

Thanks for reading my post and any recommendations who you've had good luck with!

Be careful flipping in an S-Corp.