It's important to thoroughly research the auction process and potential financing options before diving into purchasing the 6 unit building.

They get equity but we don't have to make interest payments (because they are partners) which is especially helpful in the first year or two of owning these larger commercial properties if we are in the process of turning them around. 

They might have received notice in the real world, but because their names were not on the notices, they did not receive legally constitutional due process notice of the auction.

As an insurance broker I can bring a lot of value and help streamline the process.

@Bianca Nunes what criteria & process did you use to select your current PMC?

You could sell this property, but you'll definitely have to disclose this and the process will be more complicated.

There is a little science behind the up front processing to avoid UW issues.At the end of the day Vacation homes can still be rented out so it offers a 2 sided coin. 

I suspect most states have a similar process otherwise landlords would try to use any absence by a difficult tenant to execute a self help eviction in this way.

From there you start scheduling showings to look at potential options and submit offers on the ones that appear to make the most sense.Once you have an accepted offer, you work through the escrow process by doing your due diligence and working with your lender to get your loan approval.Then....you close!

I work those areas as well and I'd be happy to provide data for any of those markets if you're interested.