If one of these goes bad it could be deemed as a predatory action, contract or not do you have enough money to fight a jealous prosecution? 

This is because you could sell off the 2 better homes leaving poorer collateral still outstanding at say 75/80% LTV on each, they'd rather see something like 60 or 50% left on those properties.

Does your 9-5 income and current outstanding debt support the debt to income ratio requirements to take on an additional 7+ $200k properties?

In digging a little deeper, I learned that the outstanding mortgage is $140K, and there is a state tax lien of $1280 and a federal tax lien of almost $48K (which is why they haven't budged on price in years I'm sure).

If it is the same where you are operating you may be fighting a losing battle.  

What is the amount of the outstanding mortgage?

I also request a historical police report on the property and contact each of the related utility companies to see if there are any outstanding issues.

If it is a true open end, it's a demand note most likely it remains as long as amounts are outstanding, there is no extension of something that never terminates in time.

There ia a survey Link in the email, please fill this out if you would like NAR to fight to keep 1031s.

Kelvin Schaeffer you will be allowed to have only one outstanding FHA loan.