If not, get possession the day the house becomes theirs.

I do not choose to do business in places like this anymore, but if you own a property the law allows you to possess a firearm ( I never said it was a good idea to use it).

In a foreclosure, the lender takes possession of the house and as a result, the homeowner is no longer a party in the sale.

If they're open to working with you, you would start the process of the short sale with the lender.Worst case if the first lien holder won't short sale it then you can gain possession of the property by having the homeowner deed the property over to you or you can foreclose on your second lien (foreclosing at least wipes out any junior liens).

Shouldn't take more than 3 minutes.Wait, I think lately I've been signing a "rights of parties in possession" statement.

FL eviction process isn't too bad from what I know so you shouldn't have a problem getting them out once you have possession of the property.Now not knowing anything more about the tenant, you may not really have a problem on your hands.

The exceptions are historical value, intrinsic value (for example, it you built using solid gold fixtures) or some other value the building or land possesses over and above the income it generates.In terms of measuring the value of the income stream, there re lots of compliicated ways to determine that, but it all boils down to these two formulas:Net Operating Income (NOI) = Gross Income - Costs/ExpensesValue = NOI / Cap RateSome very, very, very generalized assumptions you can make for a first pass analysis are:- Costs/expenses are between 40-60% of gross income- Cap Rates are between 8-12% in many parts of the countryUsing those two very gross assumptions, and using your income number of $125K, the value of the building will likely fall somewhere between about $500K and $1M.It's unlikely -- given the info you've provided -- that it would be worth the $1.2M you'd be spending.

.- Also when you have the court case, they likely won't show up which mean you can only get Possession (eviction) and not a money judgement.

Based on what I've read, after the auction, the property owner has 3 years to reclaim the property before the winning bidder can take possession.

I don't think in Arkansas you can just pay the taxes and gain ownership unless it is at auction, and even then there is a 90 day period before you can file for quiet title and actually take full possession.