As Dave already stated it, if you buy a junior lien at auction then you have purchased title to the property subject to the first lien.

Junior Salters- other than a break in the money coming in, I don't expect much of a financial issue with the vacancies.

I'm currently a junior studying finance, and I've been very interested in pursuing a career in the real estate industry for a while now.

@Ali Parnell, If this is a foreclosure auction, and you determine that this Town Home is a property you want, then it is worthwhile to consider purchasing next in line Junior lien(s) at a discount prior to the auction.   

I am currently a junior in high school and want to start a career in real estate.

IE criminal and credit checks....Credit is a credit check on the person.. to not do this I think is a mistake... people talk great game then you find out they have a pattern of not paying bills ... stiffing ex wife and child support etc.you make the call on credit what's important to you.that's basically it and of course buy title insurance with lender endorsement ALT A policy.Keep tabs on hazard insurance ( even will insure them myself and just charge them at payoff) and of course if your going over a year check on property tax's.If your doing rehab loans.. consider a hired inspector for 100 bucks an inspection and charge borrower.NO second or junior position lending ever .. just not worth the brain drain.. 

On top of that, junior enlisted don't typically receive BAH.

The borrower likely cannot pay such tax burdens if they can not afford to make their mortgage payment.A DIL from first position can be pursued with an existing junior lien with the understanding that it is possible for a first mortgagee to merge their interests into title becoming inferior to the second lien and the second lien taking superiority.  

If you can do this there may be lenders that are willing to take a junior position but the interest and points are going to be astronomical if you can even find someone that will do it.

If you want to go the cheap route, why not find a photography class at a local college/junior college and offer a student $100 to take and edit the photos.