And make sure you’re requiring an appropriate return on each of your 1) investment 2) knowledge 3) time.

I really appreciate you guys taking time out of your days to share your experience and knowledge!

Personally, I would look a bit more but like I said am not an expert by any means.

I’m trying to find a manager who also has knowledge of the surrounding areas, including Houston, Katy, Pearland etc for future properties.

There is so much knowledge you can gain cheap or free!

I'm new to RE investing and learning every day (thanks everyone for sharing your insight and knowledge).

well I am not a NPN expert by any means but this is an interesting question so this is my best guess's1. the 189k is all the property is worth.. in reality.. so that's why its listed at that price.. and probably in contract for around that number.2. the seller does not realize you own the 2nd and who ever sold you the second probably realized the value was not there and unloaded it to you.. 3. your in the drivers seat in that this deal can't close without you signing off on your payoff.4. this is a short sale .. the first lender will be asked to take a short and will usually only cooperate if you as the second take no more than about 5k for your position.5. if you paid for than a few grand for the 2nd your in jeopardy.6. if you don't cooperate and the 2nd is in default you can foreclose payoff the first and deal with the asset.. 7. if the seller gets frustrated they just walk and squat stop paying on the first it forecloses and you either pay it off or it wipes you out completely .either way.. 2nds for most folks are pretty risky.. unless of course you paid next to nothing for it and its just mad money.. that you can easily lose. and just chalk it up to well that did not work.

Which leaves me in a bit of a tough spot because I'd rather start small (under $100K) with my first property and do it in the Utah market I'm familiar with, but just checking MLS daily I feel like it will be hard find deals that fit what I need (especially before a more knowledgeable investor gets them first).

But beyond that, I'm logging away all of this information for potential future use in either investment deals of my own or helping navigate financing for clients, I really appreciate all of the expert insight!

I do it myself unless I don't have the tools or the knowledge to do so.