Since the title company won’t record a second lien at closing without informing the 1st lien holder, the owner financing a second would have to agree to leave his interest unprotected at closing and trust you to follow through with the loan “outside” of closing.

No response.I also spoke to the third lien holder who believes his investment is safe.

They are great, most of our units are duplexes, but I think most voucher holders want a yard and more privacy. 

I have been exposed to this and I do understand every deal is structured different depending on the needs of the owner and lease holder. 

The borrower is under no obligation to advise the 1st lien holder of the existence of the 2nd lien; in other words “no harm no foul”.  

Also, I would get an extension from the original note holder, to extend that to 7-10 years. 

Cash flow is a holder why your asset appreciates.then you 1031 into a bigger property and keep rolling up that way.. without any or meaningful appreciation and capturing that appreciation to move to bigger and better .. your numbers are correct. 

From what I've seen, a lot of CCRs state that if a single mortgage holder requires flood insurance, the HOA is usually responsible to purchase it for the building.

 I am working in the US currently on H1b visa.

The point Jimmy Napier was making in the book was this: If you are the buyer (Johnny) the true rate of interest you are paying depends on the amount of discount the mortgage holder is willing to give you.