No one has replied because there are dozens of topics on this subject already. put 'auction.com' in the search box above or click on this link: http://www.biggerpockets.com/search?

Note that you can foreclose from second position, subject to the first if the borrower defaults on your note. 

Also I think that @Douglas Dowell  meant specifically reinvest into the subject property, not into another deal

Until then, if you can find a business advisor type or due diligence program not affiliated with the subject asset, check that out!  

You must (and should) depreciate investment property whether or not you are actually able to take advantage of the deduction for income tax purposes because you will be subject to depreciation recapture tax as part of the gain calculation whether you took a deduction for depreciation or not. 

This is all subject to appeal and years of court rangling, and that is in states like Nevada where the fight has been won at the state level.I'd love to hear how Conny W. plans to make money for investors by selling Florida HOA liens that have no super priority whatsoever.

Even if you simply got the bank to agree to let you bring the loan current and purchase the property Subject To the existing financing, you're looking at being into the property for $390,000, when the property is only worth $350,000. 

I'm sure others will have more thoughts on the subject.

You do not have access to the interior of the property, are subject to existing liens other than the one you are buying, need to understand if you are purchasing a first or second lien position, and you are subject to living with existing leases if one exists. 

the reason for havi g the S corp, is so the scorp can pay you a "reasonable" salary, subject to withholding, then the rest as "profit" not subject to withholding.