I have the opportunity to purchase the 2nd lien position on a non performing note.

I do, however, want be in a position to identify and act on a deal if one came my way as soon as possible.Are my goals realistic or should they be more aggressive?  

if it goes fine alls well if it gets botched the first one to lose is the junior position..

@Joshua Penners  If the tenants have signed previous leases and had uninterrupted occupancy of the property and continue to pay rent per the terms of the previous lease and their actions are consistent with the previous lease terms (for instance you have a $50 late fee in a previous  ease and they pay that now even though technically there is no new signed lease) then just about any court will deem them to still be subject to the terms of the lease signed or not .

Positive Cashflow That price is close to the retail value (Zillow & iCOmps).The house can appraise to $325K (just based on recently sold house in that area and income) I am having a hard time marketing this house.

(just make sure you are at least positive cash flow on that first one. :)  )

Before I had not the credit nor financial means to embark in Real Estate, I'm in a much better position now.

If you can stay on topic and add to a positive experience, please come and join us.If you would rather discuss our differences via PM or in person, I would welcome you to my office anytime.   

I have a nice job with a real estate company and, although real estate investing has never been something I considered, I just started to as of late.IDEAL NICHE:  At the present moment, I would like to invest in vacant land only and resell it on terms using seller financing to generate a positive cash flow. 

You'll have to get permission from the first mortgage holder to subordinate the HELOC to a higher ltv.I'm assuming the first is at a much more favorable position than current rates.