Pursuing the debt through legal channels is essential.

Your new buyer essentially becomes the owner of the LLC that the purchase agreement is in place on the REO deal; thus they will step in and fund and close on the deal as the owners of 123 Main, LLC etc..

Whatever you seal, make sure you use the oil-based Kilz product as the alcohol-based product gas not proven as effective at odor control.Lastly, rent (or buy) an ozone generator.

Essentially, liens that aren't sold at the normal (fall) tax sale, are given to the county commissioners.

When I partner with someone, my business is essentially in their hands, and how someone acts outside of our partnership is going to be indicative of how they act within our partnership.Everyone has character flaws, but not all character flaws will impact someone's ability to be a good partner.  

So essentially the equity that was built from your renters in your first property paid for your 2nd property.

We have wrote a couple of articles here on BP about the topic. https://www.biggerpockets.com/renewsblog/2014/10/17/4-essential-steps-to-take-before-seeking-private-money/ https://www.biggerpockets.com/renewsblog/2014/08/15/everyone-knows-people-money-invest/Happy to help further - please feel free to PM me with more questions!

If you are just going to essentially rely on being noting but a wholesaler for quite sometime.

Just ask all of the hotel owners in North Dakota how they are now doing after many moved to fill the housing void in the ND oil fields.Best of luck

Be careful with states that can be tied to the oil/gas boom and bust.