Your broker takes his 10% or $20,000 and invests the remaining $180,000.

Purchased with tenants in place, 10 months remaining on a 1 year lease.  

I've offered to pay off the $28k remaining loan.

I would consider all the information (rent rate, payment history, condition of unit, etc.) and decide to either buy it vacant or buy it with the tenant remaining on a month-to-month.

Emotionally I disappointed because I really liked the place, but as an investor I'm proud of myself for remaining disciplined.  

And, if I had say, only $200 worth of expenses in a month to cover something, then the remaining $300 would be saved (hence the reserve fund that accumulates), right?

It works similar to PMT, but you put in the number of payments you'll make:=-FV (rate, payments, -payment, PV)=-FV (6%/12;60;-PMT, 21000)=$15,961,91Now you can repeat the payment calculation, using the new interest rate and the remaining term:=-PMT(11%/12;180;15961.91)=$219.88Please note there are several minus signs sprinkled in there.

In the upset sale, you have to bid at least the upset price in public bidding; if you win the bid, all liens remain in place (they become the winning bidder's to deal with), including mortgages.

However, a few months ago I had a note paid off arising from a sale transaction and it was stale, about 5 years old and a small amount remaining.

We still owe him around 7k(includes remaining balance of the bid and the extra work that we agreed upon).