Kou,Unless you are OK with the possibility of having to close on the property yourself and take ownership of it, be careful about just jumping in and making an offer.

Brie, I'll definitely google what you instructed as part of my repairing credit action steps.Mark - well, taking full ownership - I just made a lot of poor choices in my past.  

I'm in the multifamily space (have ownership in ~550 doors) and will gladly share my experiences on that as well as local groups.

A $6M deal can have $1M investor equity so that means, your $50K equity is 5% ownership in a 100-unit apartment building.Cashflow for an apartment building that size can be $120K/year or better.

If the property was purchased by an LLC and you are the majority owner of the LLC - not DBA than this should work and count towards the 6 month ownership requirement for an LLC, with conventional to then transfer title to your personal name at closing. 

In Maryland everything you need to know about a property can be found online... from SDAT property and ownership info to mdlandrec.net for land records to MD Judiciary case search for court records to county property tax records, etc.

If you have a deal that works with that, then you would buy, rehab, get a tenant in there, and then do a cash-out refi after 6 or 12 mo of ownership.

Once I secured ownership of the note, I worked out a situation where the chain operator leased the property for $3200 per month triple net with all lease payments going to me for interest payment. 18 months after I purchased the note the tenant purchased the property and I received the balance of $321,000 payoff on the note.The point is that the profitable deals are obvious in MLS pricing, they have to be.

I'm just not sure of the stigma or issues that could be attached to owning a property that has had recent (possibly current) legal drama (ie prospective tenants avoid renting there if they don't know its under new ownership, or if the property could somehow be in limbo after I take ownership due to any ongoing legal issues with the current owner...)

I am interested in partnering with a plumber, electrician, HVAC, and general contractor and giving them each 10% ownership in each property in exchange for their work on the rehab portion of the strategy.