I personally never would, but I would talk to people that have that can give you an idea of what it's actually like instead of getting opinions from everyone who never have and say it's the worst.Jacksonville, FL has been great from 2010-2022, but there has been a huge surge in building residential from 2020-2023, which severely impacted the supply and demand balance and rents have flattened or dropped from 2022-today.

My tenant friendly market (San Diego) has long term housing shortage that the tenant friendly laws mostly act as a balance of power. 

In these states I assume that just like a standard foreclosure, all funds acquired during the sale that exceed the outstanding contract balance and any liens on the house go to the contract buyer (vendee?)

Purchased a note with a $3.2 million balance for $1.775 million.  

Given that the house is paid off but has $27K in back taxes, you could offer to cover those taxes upfront in exchange for favorable terms on the remaining balance—like low (or no) down payment, and small monthly payments.You could also negotiate for a subject-to deal where you take over the property subject to the taxes, while still securing control of the property for your BRRRR strategy.

One option is to have the buyer use a loan to buy out your existing mortgage, and then you can carry a second lien on the property for the remaining balance.

The land is often far from urban areas where housing is needed most, and environmental concerns must be balanced.

By your own admission you don’t have the balance sheet to buy real estate or borrow and haven’t taken any projects full cycle.

IF, they were willing to take the risk inherent in all “subject to” transaction done without lender approval, they would have also been able to “capture”, and added to their wealth, the difference between 9% and 3.25% on the underlying $375,000 loan balance, or about $21,500 per year.3.

Typically 5+ units is ‘commercial’ or ‘small  balance’ multi family.