Perhaps an escrow of seller funds would also work until the release is obtained from the proper party.Also the passage of time is important here.

This means you're potentially going to be totally out of the market and tied up for some extended period of time before you can even start working on the deal.Find a private lender or partner, make your offer, inspect it, etc but don't fall in love with this deal and be ready to move on quick if it doesn't work out.

Dallas has been growing well with new headquarters, divisions, and data centers are being built while older corporations are re-leasing or developing on new grounds. 

Make sure  your rehab cost is accurate that can mess you up if anything goes wrong or the rehab time is extended for any reason. 

That just goes back to if you want to extend the current tenants lease, taking a hit now might make for a good relationship down the road.

Neal, not certain what interest rate you are seeking for the loans being extended on the free & clear properties, but my experience has been that the local credit unions are a good resource for lower interest, longer amortization loans on a commercial loan extended on an investment property owned by an LLC. 

Haven't seen yet, will keep you posted as they release more info!

Since Ditech is servicing the 2nd, they would be responsible for releasing the mtg IF it is actually void.  

But it's greatest benefit is if you're able to sell the house you're living in now and take the full sale tax free and move into one of your investment properties and simply stay there for an extended time. 

As the bank didn't retrieve the funds in time the county wouldn't release them to the lender.