When we foreclose on a 2nd, we don't do that, we figure some decent profit above what we paid for it, as most of the time it does not sell, and ownership reverts back to us, subject to the first lien. 

On the subject of 3rd floor setback, I'll need to look up the specific code, but other than RM-2 or greater, or CMX-2 or greater, the height of your front facade will be limited to what your neighbors are doing. 

I would suggest you look into creative real estate options such as owner financing, subject to, lease option etc.

In the motion to sell documents it usually states the property is "subject to all liens and encumbrances, if any" and then usually follows a list of the liens in the debtor's Schedule D.

When I submit the offer on the land and if I can get blueprints as part of the purchase could I have closing on land purchase subject to the building permits being issued so i can wrap everything into one note with my lender?

(Ben Graham's "The Intelligent Investor" is perhaps the best volume on the subject), and I'll suggest that the core "value investing" philosophy is a direct corollary to the REI adage of "you make money when you buy, not when you sell", in that you make your money when you buy a stock when its undervalued and includes a sufficient "margin of safety" (itself the analog of a lender capping their exposure based on LTV).Patience, prudence, curiosity, and a desire to learn are hallmarks of a successful investor in any domain, and I'm with you in that I'll keep doing both :)

Our county sales' in to ways....straight sale(clear title) and subject to sale.

I would structure a subject too deal at 132.5K and have him put down 15-20K at an interest rate a few points above your lenders interest rate.  

Just do what is average in your  subject property in that neighberhood.  

Isn't that the idea of a sub 2, to take title to the property subject to the existing mortgage?