If the deal makes sense to you, execute and profit. 

Building constructed in 1980Present loan value appx $77k on a 15 yr note with 3.375% interestP&I pmt is appx $602NOI 2014 was $11489NOI 2013 was $5142      (spent around $4k on updates/remodeling)Appx $27k by my calculations of capital improvements needed in the next 5-10 years to increase the value of the property, properly maintain it, and keep it functionally up to date in order to attract higher quality tenants (located in a b grade area) (I'd rather have more invested to have higher quality tenants - have my own reasons for this line of thinking - willing to sacrifice a bit of profit to have good people)- Redo Kitchens- replace doors and all base trim/casing (more for my taste and would help the place rent out even quicker)- 2 escape windows installed for basement bedrooms- Concrete work needed on patios and near front of the house -- need to be done in the next yearProperty based on comps in the immediate area and a tight supply of decent duplexes here is $175-210k or so.  

Heck, when used properly the higher the better!

It requires you to model through the exit of each asset, which is a best practice, in my opinion, to be able to properly benchmark investment opportunities and allocate personal capital.  

@Tory Ellis those legal rents on the RS units are too low for you to expect to convert them into FM anytime soon through the proper channels.

So now that you are the new owner, those liens are now YOUR responsibility to pay off, with a potential exception being IRS liens (with proper notice of the sale, the IRS has 120 days to redeem). 

If anyone can help me to find the proper form for an assignment please do so.  

If installed properly it should last a long time.

Unless there is money at M&D bank (Mom and Dad), you should be working with professionals that understand how to properly assess their risk.

My midlife crisis:I never got my degree and I never joined the military so I lack a proper education.Former FSBO.