First-position mortgagee, a local bank, has initiated foreclosure and the property is scheduled for sheriff's sale. 

It is not very hard to over rehab, over spend on the initial purchase and to have a home that is worth less than what you put into it.  

He has to put more into the property to fix it up, but his 15-20k initial investment will be enough to get the deal going.

It will then match it to the mortgage being foreclosed on and verifies the position based on the recording date (as per FL law).

. - Proof of adequate income (or reserves) to verify ability to pay rent on time throughout the lease term (select one or more): • Verification of employment and salary/wages. • Recent paystubs from verifiable employer • Tax return copies for self-employed applicants. • Proof of regular investment earnings, social security or other form of governmental rental supplement. • Any additional sources of income that applicant wishes to disclose (i.e. child or spousal support, trust income, financial reserves, etc…). • Any rental subsidies which you wish us to consider.

That money would be used to pay off your initial loan of $120 and pay you back the $5 you took out of pocket for the monthly payments.

Hi all, I think I know the answer to this one but wanted to verify with the group.  

For the 2nd note, the portion of the payment that I get on a monthly basis from the home buyer that is interest (most of the payment will be interest initially) will be considered income...to be taxed at my normal income tax rate.Thanks again!

It’s just so unnecessary because I didn’t do anything wrong. ( I didn’t reject the title policy, I even verified prior to closing,) anyhow, things happen for us so we can grow right!

It was just your standard res lot and nobody had been there for many years (quite typical I guess...they just faithfully kept paying the taxes each year...Our first meeting was by phone and their initial response was "no" or WE;RE NOT selling, but the very next day, I got the call  that they were planning to build there