If the owner has so much equity in it, s/he would do everything possible to prevent the foreclosure from happening.

I looked at him.He must have smelled the self-pity on my face.Here is what just happened to me.I worked for a small firm in Constriction Engineering Products, Johnson Controls, that sold air and water control equipment to large apartment and commercial building contractors.  

@Jeff Lezark thanks for the advise Jeff but limited funds prevent a RE start in NYC where I live. 

I assumed it to be $0 because these are the things that they are working on currently:New 30 year architectural shingle roofExterior wood repair and paintLaminate hardwood throughout downstairsSmooth all ceilingsFill in swimming pool and sod back yardNew furnace and ACNew water heaterNew bathroom vanities in all bathroomsPressure wash exteriorLandscapeTrim treesCeramic tile in KitchenNew kitchen counter topsNew sink and faucetCarpet stairsRefinish hardwood upInstall washer box to prevent future leaksSeems like they hit everything except for windows/foundation?  

Does that prevent the deal from closing on a wholesale transaction?

As well, the person in question has multiple income streams, is local, has a wife and kids, was an Air Force pilot, and from what I was told, pays back his loans on his flip projects (for which he pays 10%).

And you need to rent equipment to jackhammer the bottom (to prevent the yard from becoming a swamp) and a bobcat to break up all the concrete, so I'm told.

Visit the non-profit Indoor Air Quality Association.

Further, air has to flow across the fins to pull the heat out.

May be I Did not clearly state in my post.Ok lets put real timelines in this.first the bank that owns this now  had probably a 1st mortgage... the IRS lein Is junior to the first mortgage.. when the bank foreclosed the IRS has 120 days to redeem if they don't their rights vanish into thin air.. so in practice no bank is going to sell a property until the 120 days is up.. and no buyer in their right mind is going to buy the property with the lien still there they simply wait a few months and the lien is gone and they buy then..