Contact a "skip tracer" and pay the $250 to find the owner and see if they will Deed the property to you if you pay the back payments, taxes etc.2) It depends: If you buy a property prior to foreclosure, (it has to be from the actual owner not the bank) either you or he has to satisfy all liens.

When I look the property up on the county website it is zoned single family.It's an older home so I assume it has been divided and added to over the years, probably prior to rigorous permitting and zoning laws.I would like to ensure that everything is legal prior to possessing the property, and imagine I would need it to be so to use the rental income towards the loan.So I guess the questions are:Is it silly to think this could be re-zoned?

If you find one of your "soon to be inherited" tenants in there with landlord issues, insist the seller terminate the lease prior to closing - its a nightmare you dont want to go through (trust me on this... its a complete waste of resources).

That's good to be cautious, also make sure it is tenanted prior to closing or that they pay you the rent out of their own pocket until it is tenanted.

I suggest you do a bit more research prior to coming on so hard.Cheers.

Try to get prequalified for the Cash-out Refinance loan prior to purchasing the property.  

IRS section 121 says in order exclude up to $250k gain, as singler filer, you must have owned and used the house as a principal residence at least two of the last five years prior to date of sale.

By Wisconsin Law we have to give a certain amount of notice prior to increasing rents on a month to month tenant. 

This make it very hard to get an idea of actual labor and rehab costs prior to closing a deal. 

My lender is requiring that my evidence of insurance show my name prior to closing.