The real money for these folks Is in doing the GURU seminar business when they elevate to that level. they make 5 to 10 million a year.. and all is good for them. and they could care less what anyone thinks of them.. and any on line bashing is just a little nat to them.that's were the money is made  its not in the flipping of homes.I personally flip more homes than any TV guru by probably a factor of 10 to 20.. and I don't make 10 million a year.. but I don't starve either  LOL 

The lender was able to get the stay lived in order to proceed with foreclosure in 2011.  

I've already spoken with my regular escrow about how to proceed. 

Should I sell it and use the proceeds as a down payment on our next home (and start my RE investing career with a different purchase on more favorable terms)?

To help you learn more about my track record please proceed to message me, let's talk about how I can help you Purchase Real Estate at the rock bottom price and then move forward taking about how I can help you, as a absentee owner. 

This means that in order for a title insurance policy to be provided to the purchaser, the recorded deed will have to be payed off out of proceeds.  

At the very least, I plan to research the market to determine the price points for either apartments or condos, and then maybe back into the costs with an assumed return to see if it's even feasible.I'm thinking the options for this project are:- Continue with the project as is (construct and sell apartments/condos)- JV with another developer- Sell the property as isHow should I proceed with this project? 

Either make your offer to record owner /seller (your principal) subject to clear title (meaning liens are cleared by escrow during sale and THEIR proceeds money will be used to clear) or you agree to purchase accepting these problems and YOU use YOUR money to clear up later.

Or, they can walk away, the property is sold and usually the property sale proceeds won't exceed the loan, if they do, the remainder of the sale proceeds can go to the estate or however it was set up. 

I did start reading through previous questions, but we're in a bit of a time crunch and looking to get a specific answer.Can we use proceeds from a 1031 exchange to payoff existing mortgages on investments we already own?