I guess this is possible however I'm concerned that he may open a can of worms regarding the other 2 liens and maybe the IRS will somehow reinstate those.Do I have reason for concern in your opinion/experience?

Kinda hard to have half a house on one lot.....As a renatl, or owner occupied, a patio home can work well, I've had both sides and sold each, but one side would be fine if you have proper zoning and filed agreements concerning shared aspects of improvements.

I have never heard of that but if it is fairly common in your neck of the woods Im sure that definitely made you more comfortable.My concern would be that something could possibly happen to the home during renovation (fire, tornado, etc.) that would destroy the property and you would not be the named insured on the policy.

The bigger concern for me is your ARV valuation

The Fed QE 1-2-3 is a concern and I figure the best we have to look forward to is 70's style inflation.

My question/concern is this.

As far as my goals are concerned, I would like to wholesale enough real estate to build enough cash reserve for one year's salary and a down payment on an apartment building that yields me at least $10,000 a month in passive income.

I am going to get an inspection done but in the meantime there are a few things that concern me. 1.The landlord (seems like a nice guy) is way too lenient in my opinion.

As far as KY is concerned I know that a property can go into bankruptcy and a judge can order a payment plan and to remove the interest.

But for someone like myself who plans to not "get out" for another 30-40 years short term booms and busts aren't of much concern other than potential buying opportunities like in early 2009.