This was a big project requiring new electrical new plumbing bathroom addition new roof Windows, everything.

My question is, are those good enough margins after you calculate additional expenses?

John,Is there an un-permitted addition that is holding the additional 300sf? 

I hate to sound mistrusting, but it is going to be difficult enough to get this situation taken care of without adding to the tax debt by owing these additional fees.

Expenses (in addition to P&I, insurance and taxes) being 3% vacancy, 5% repairs, 10% cap ex, 7% property management.  

- Say you won a bid, is all paperwork completed right then and there or is an additional 'closing' scheduled at a later date?

I also check the MLS for additional comps if needed. 

If you did that then the investor or bank would be the owner of the second mortgage/note and it would be theirs to keep or sell at a discount. 

The main reason I find is that the older lien holders won't have the cash to complete the process because of the additional funds required. 

We recently attended Than Merrills’, Fortune Builder’s seminar on RE investing and although we did gain some additional knowledge it seemed to be a 3 day sell to attend the $20k mastery program.