My name is Adam Zard, I'm a recovering real estate attorney and current commercial real estate broker in the Denver metro area.  

Congrats, we all make mistakes and poor decisions, it's how you recover from them (and hopefully learn a lesson) that matters!

The collectors I found said they don't deal with person-to-person collection, and I don't have a registered company.And I am not sure where they are; they said they moved out of state, and the forward address they left is an out-of-state address.Pls suggest any collection services; I am ok with paying a big portion of the recovered rent to the collector.

Sudden changes in their lives can cause a situation they'll never recover from - ie job loss, medical bill, car totaled, etc. 

I am 59 years old and found BP about 8 months ago while recovering from a brain aneurism and a stroke and I am still trying to decide what to do.  

I am curious if the premium bid is ever recovered once the lien, interest and penalties are paid.

- Any options or recommendation for a PM company (ability to find good tenants and recover some damages from tenant in the worst case)It may be partially your PM, but there is also another dynamic at play: two things that can create the scenario you describe.1.)

You can then refinance or  sell (1031) to pull that cash out and use that to buy a 50 unit building for example.This strategy is the reason why, even though I lost everything back in 2002-2003, that I was able to recover from that and build a portfolio of 1,000 apartment units today.

After you've recovered all of the funds/cash you originally put into the deal, and equity you build up is NEW money...and you didn't put in YOUR money to build it.  

A Non-Recourse loan in an IRA means the lender can recover only the property the note is secured by if you default, but you are not personably liable.You can also invest in RE through a 401k but that all depends on what the plan documents allow you to invest in.