This is just a basic run down.

Marc is right.You will basically be caught above any SS that might be accomplished or proceeds less holding costs from foreclosure.

Begin with the basics, real estate basics like text books, RE schools, from there you can look to strategies, the basics and knowing what is acceptable, common practice in your area will keep you out of trouble, which is easy to get into in RE.

Once my rentals provide enough income to support my basic needs and lifestyle I will switch to building my net worth and upgrading my portfolio.

What is not understood is really the very basic concept, of what is actually being done as to the interests conveyed.

Many GCs I know would be happy to do a walk-through and put together a basic estimate for $50-75.You should also get to the point where you can do basic estimating yourself, to save yourself the time and expense.

The back taxes would be handled basically as Ron Climer outlined, but you DO want to pro-rate the taxes for the current tax year, so you decrease the net to seller.

Be sure to read my post on Beginner Business Basics:http://www.biggerpockets.com/renewsblog/2013/02/26/beginner-business-basics/To your success!

. :) So basically, find someone to daisy-chain my money with, until I have enough money outright to do loans with, right?

I atleast understood first the basics and I've met a rehabber who I bring deals to and she walks me through a bit on why the numbers work or don't work.