I'm quickly putting together a team of outstanding professionals to make this work. 

Chicago has an outstanding housing stock that consists of duplexes, triplexes, and quads(or two flats, three flats, and four flats as we call them here). 

The agreement should say the seller will pay any outstanding taxes, liens, and fees from this amount.

Does it have language about sewer status or highway occupancy permit? 

It is a suburb in South Jersey along the Delaware River, about 5 miles outside Philadelphia with easy highway access and available public transit to the city.

All payments under this Agreement are applied first to accrued interest and then to the balance of the outstanding principal.

Oftentimes in Sheriff's sales the final judgement amount is published whereby you can see how much the bank is owed, including outstanding balance, interest, late fees, legal costs, corporate advances for insurance, taxes, etc. 

There are so many ways that one can achieve success by walking right down the middle of the compliance highway and not getting off into the margins. 

So much of it is about location (near tourist attractions or for business people, near a work-site), access to transit and highways, available amenities, etc.  

Home Depot and Global stone have some outstanding tile for $1 to $1.50 plus you can find some blow out sales at Big Bobs, really beautiful stuff.