First find out if there any additional liens on the property.Second if you think its something you want to buy have him contact the lenders to give permission to you to talk to them.Third come up with an offer amount that works for you.Fourth let the lien holders work out who gets how much.Fifth you or I are not lawyers and he may get a 1099 in the year that the property sells to show the balance between what is owed and the sale price.

That will change the type of loan in the mortgage holders eyes.

And, pay for a good Sub2 education, because there are lots of details.Docs you need: * Addendum To The Purchase And Sale Agreement * Quit Claim Deed To Trustee * Authorization To Release Mortgage Information * Limited Power Of Attorney Regarding Real Estate * Insurance Letter * Escrow Letter * Letter To Mortgage Lien Holder

Both are good points and I'll add that if redeeming you have to get the 2nd mortgager to settle as well as their stake in the property isn't lost unless the property goes completely through foreclosure.I have been able to negotiate with the 2nd lein holder in this exact scenario.

I guess you are on a F-1 student visa?

If you're the borrower, you'll be making your payments to a new note holder and your client will have to "pay down" the value of the discount out of pocket from money they did not receive.

As far as I know, most of our national security issues have come from home-grown terrorists or terrorists who flew in on planes with valid visas.4.

After a bit of experience dealing with lien holders, appraisals, % of fair market value acceptable, etc...

I do some Rehab/Resell investing, but my main business is buy and holder residential/commercial properties.

As a rehab flipper, buy and hold is never an exit strategy as you have not exited and placing a tenant to sell to a buy and holder may only work in certain parts of the country as your rehab was initailly intended to go to an end user and thus, rehabbed accordingly.