[I also ONLY recommend buying "forced equity" (ie.

You can inform them you will be selling but you can't force them out.

(no cashflow generated, no forced appreciation improvements made).P002: (no ownership, helping out father's projects) constructed fencing, painted exterior, designed Granny flat (secondary dwelling) and prepared documents required from approval.

Familiarized myself with online public records to locate addresses and names etc...Before the bandit signs go out in full force I want to make sure all of my ducks are lined up.I have downloaded a copy of purchasing agreement and an assignment of contract agreement.

I've been studying real estate for quite some time but I never quite went full force into it.

Traditional insurance companies like a State Farm will force the replacement cost which could be $220K or more.

Call around to local banks and see if they will do purchase +rehab loans.Other notes, make sure the balance you're paying + the rehab will force enough value to be able to refinance.

I fully intended on taking a mortgage on this property, but since I was forced to pay cash and now own it free and clear, it seems like it might be silly to just take out cash that may sit in a bank account paying 2% rate..which is where the cash was before I purchased the home.  

So if it doesn't force a tenant to stay to the end of the lease, and if they break the lease it isn't worth fighting for compensation what is the advantage of a term lease to a landlord. 

I agree with you that any prior liens should be wiped out by their agreeing to your Offer (which should have included implicit words to that effect).The Lender probably would have "paid" more for it at the foreclosure auction - but, where were you and everyone else on THAT day to force the bidding to go beyond $984.00?