@Jon Holdman  alienation clauses are in the Mortgage not the note... generally... note is promise to pay and spells out the terms of repayment etc... of course some have dual purpose language but mine that I do all have the alinenation in the mort or deed of trust or deed to secure debt that is recorded giving the world notice that if title is alienated that that is an event of default and at my sole discretion I can call all sums due and payable.

Couldn't they bid up the price in the auction to cover their debt?

When we accommodate a change in the make up of a household, we let the tenants know the full security deposit stays in our trust account, earmarked for that unit, until the final departure of all occupants and we have received return of possession of the unit.

To be considered, you are in imminent danger of default, you have no equity and you have no reserves to service the debt.

Sorry @Nick Scalero paying down debt would not qualify.  

If a property develops a leak with existing tenants and I did not take possession whom is responsible and what happens if a ton of damage or a tenant vacates in the grace period and I cannot afford the loan without the tenants income then what? 

I want to take some cash and start investing in multifamily properties.It's a 2/2 Condo in a highly desirable location.Purchase Price: $97kOwe: $68kCash Flow (after debt service): +- $250/monthMarket Value - currently selling for +-$150kThe HOA is $450 a month, which is included in the rent price of $1550 a month, so it's not that big of a deal.So I'm trying to determine if it's more beneficial to sell it, take the cash and look for a duplex, or get a 2nd mortgage and take some cash out, since I'm so far in the green.Thank you in advance for all your input!

I have a lot of debt.  

When you've built a strong track record and are buying larger parks with higher values, agency debt will likely be the best non-recourse debt from a term perspective.

Taxes are just like mortgages, or any other debt....they get paid out of the seller's proceeds at closing, with a straight sale.