Another important question is; Are you buying the right of a second mortgage foreclosure, meaning you still have a first mortgage in front of you that remains on the property?

Personally, this market also strikes the balance of being somewhat close to home, while remaining far enough to force me into building scalable relationships and business processes.What I can offer: I am continuing to learn about real estate and am several months away from the capital necessary to finance my first deal.

The remaining 50% would be used to cover your mortgage (principal and interest) and anything left after that is your cash flow.

Many tenants, not all of course, like the stability of knowing that they don't have to move all the time, and that rent remains the same.I have rented month to month. 

The building has a first mortgage of about $615kIt should now appraise at about $1.2m So does that mean something like the lender will borrow me say 75% on that new appraised value of $1.2m, say giving me 900k in which I'd payout the first mortgage, leaving me with the remaining balance of $285k which I'd be able to pocket?

The intention was to give them notice now, that effective Oct 1, rents will be increasing to $$ and have them state their intention to remain or leave within 7 days of the notice.

I walked through the unit yesterday and there are still some minor things that remain including a computer and storage bins, pile of tenant B’s mail (looks like all the utilities were in her name (every single light was on too WTF?))

The agreement to assume the debt becomes the liability of the LLC regardless of any personal liability remaining by the original debtor.Now, is a debt assumed and being paid by the LLC a personal benefit to your personal finances?

You will need to come up with the remaining 30% somehow.

Park is in southern Illinois.1M - Asking price 10,000/ month income from Tenant owned homes8500/month income from Park owned homescity sewer, city water, all lots are individual meteredLOTS of dd to remain, but at surface level, its seems pretty good so far.What do you guys think?