I know subject to would be an option if the balance is reasonable and the cost to bring current is reasonable.  

My goal is to update this every month when I update my personal balance sheet**So today is my 38th birthday.

I am having a brain fart today so I'm consulting the oracle.If have a 12 mo loan, and they bury the interest in the loan balance, what do you call that?

If the mortgage position you are bidding on us conformed to be junior to a HELOC, you can only estimate the loan balance (unless you have authorization from borrow to obtain actual beneficiary loan statement). 

I have found that most things in business come down to a mathematical equation, and a balancing act between being careful and being courageous. 

Set up your account in any number of ways, choose how you want to be billed (per transaction, quarterly based on total balance, etc).

To your tax question no the revenue would not be earned in 2016, like mentioned above you're not really earning a full years rent, you're earning it each month with the balance being "pre-paid"....similar to how your deposits aren't counted as income, they're being held in escrow essentially.

My question is this...if let's say around early spring (12 months owning the property) its appraised at 600k and my mortgage balance is 477k which leaves 123k equity.

There is always a dilemma in a triangle, there's always scope, price, and time, you can only choose two, balancing the three is hard enough for us to do, how much more if we accommodate all 3.

@Sonya Antrobus you have a good thing going, you just need to find balance.