It doesn’t even show the mtg foreclosure being filed.It doesn’t even show When this mortgage was originated, or any other mtgs that may have been recorded, before or after the mtg being foreclosed on.This is Not a complete title search, by any means.As mentioned by @Tom Gimer, this property could have been Quit Claimed to the names searched recently, and the foreclosure is for a mtg obtained by the previous owner, with who knows how many liens/mtgs they may have had against them.

Sounds good to me!  

Since it doesn't sound like you have a pre-existing relationship with a builder I'd spend a LOT of time checking references and their other projects prior to picking a team.

I’ll probably start looking for property number 3 next year (unless a deal falls in my lap) Sounds like your in a good spot Peter!

Purchase price: $85,000 Cash invested: $46,500 This property was just acquired, part of the investment was in leu of payment for work completed on another project.

Sounds like ...A.

It sounds like this could be a handy tool for your out-of-state investment ventures.I’d genuinely love to assist you in navigating through this process and finding a good deal.

Happy to show you how it works if it sounds interesting! 

Final bid was $5,500, and I figure the total taxes owed are around $5,000 including court fees and interest.I'm kicking myself because, in hindsight, I see I didn't completely understand the process.

And you can claim the resulting loss if any.Your upper unit however works completely differently, and you cannot claim any loss on your upper unit.