I have two investor friends that have acquired an 18-unit apartment complex under sub-to the existing mortgage.

As I now know BP message boards exist, I intend to full advantage of that fact by reaching out to the community.As I become more involved here, I would just ask that everyone be patient with me as I ask ALOT of questions.

@J ScottI am not nearly as experienced as you are so I assume this exists in another market but so far I have not seen it to such a great extent:1) Because vacancy is almost non-existent and costs are so high I have seen people do things in NYC that are probably not as prevalent elsewhere.

We've yet to pull the trigger on any acquisitions in the urban core, but its just a matter of time before we deploy resources and efforts into buying existing or creating a new development. 

Tenant exists in detached 1/1 will be paying $550.- PMI is around $70.

Therefore, my first deal has to be as perfect as can be and have some positive cash flow that I can hold in a retained earnings account for future capital expenditures. 

Why not instead have a conversation with your title company, and if required provide them with the documents that exist, to see what they will require.That will provide a definitive answer to protect your transfer interests.

Helping create more opportunities for buyers, the listings inventory is now growing faster, at 4% over May but still down over last year: http://www.realtor.com/news/trends/hottest-housing-markets-june-2015/Virtual-Reality Tours Come to Commercial Real EstateUsing virtual reality, commercial tenants can tour buildings that don’t yet exist.

@Bill Gulley has written extensively about Subject to existing financing if the loan is calledIt has to be a wonderful house to do sub 2Be prepared to get alternative financing if the loan  gets calledExit is usually renting or lease to own

"There are two primary choices in life: to accept conditions as they exist, or accept the responsibility for changing them."