If its clearly been abandoned, rekey and move on.This is the advice from my lawyer here in CO.

I hope I am clear in my question and as always look forward to the helpful responses from BP members.

But it grosses about 16,500 per year and all expenses (no debt service as it's owned free and clear) are about 8,000.

Just need some pointers so I handle this situation correctlyI got a call from a lady wanting to sell her house.She thought it was free and clear except for delinquent taxs. $2000She will sign the deed over to me for$100.

If one wishes to carry back paper on an asset they own free and clear and later pledge the loan receivables as collateral for a new loan who would they normally contact to loan this money?

I tell tenants that pay partials I work with them as long as the late fee is paid and they are caught up in week 2 to 3.It's better for me than going a few months without rent and reconditioning the place.To be clear I DO NOT tell them it is okay to pay late each month NOR do I let the balance keep growing past what is owed for that current month.

I realized I wasn't as clear as I should've been.

Once you own 10 to 20 properties free and clear then gaining more is easy.My advice, start slow, go easy till you find exact finished cost.

Under certain situations ("special circumstances") you can get around the 1-year rule, but you must have had the intention of living there for 1-year when the property was purchased.Unless it's clear that you have a special circumstance where you have to move after 90 days, I would recommend speaking with a good real estate attorney before deciding to sell.All that said, when you sell, the proceeds from the sale are generally used to pay off the loan -- if the sale proceeds don't cover the full loan amount, you'll need to provide the difference out-of-pocket.

Since the seller did not convey the property free and clear of all liens and encumbrances, my guess is that the undoing of the transaction is in order.