John, the 2nd would be better off taking a discount on the lien because as Chad mentioned on his post, if the 1st mortgage is the one foreclosing and properly names the second in the foreclosure suit, once the property is sold at the auction any junior liens are dismissed/extinguished as a result of the foreclosure action taken by the first lien holder.

We worked with the PM to keep the tenants, and we're waiting until July to do any rehab.

Just signed up and can't wait to learn everything I can and I look forward to picking your brains on how to make money in all aspects of real estate.

Not to mention the permits and the city inspectors putting their two cents in everytime they drove by.

As I mentioned before, I realize I need to find a way to bring down my closing costs (HML can be expensive). 

Do I have to wait until contract expires?

I can't wait to start. 

I forgot to mention that i plan on acquiring my first investment in about a year from now.

Thank you and I can't wait to get started!

However, if I wait until April I'll miss out on the next round of college students.