Hey guys,Our county just put out the Upset Sale list of houses going up for taxes next month.If I were to reach out to the owners and try to buy their houses NOW, before they go to the auction, is that possible?

I would welcome comments, strategies, suggestions and introductions to tax professionals regarding VR property ownership, rehabs, deductions, liabilities, etc...Thank you!Mike

The situation with this Seller could be allow you to eliminate the existing owner's monthly payments, create a home ownership opportunity for someone that didn't exist before and help you make some money all at the same time. 

Now, if you were a minority owner of an entity, often no more than 10%, you're not considered an owner/director/manager.

We are looking for our first multi-family, which we plan to owner occupy.

OO - Owner Occupied vs NOO Non-Owner Occupied. 

You can only do this through either a foreclosure, or a DIL from the borrower/owner.  

There is NO WAY I will sell a house back to or even rent a house to the previous owner.

Julie I get it I have owned 3 sizeable HML companies in my day.. and done well over 2,500 transaction as the owner principal of the company.. and I have done them every which way.from no money.. to needing money.. to equity share etc etc.. end of the day its the character and capacity of the flipper that is paramount.tough thing right now for most is finding deals that meet the LTC ratios that make 100% funding even remotely safe. however you are new to BP I see and generally speaking this is a beginners site..

An I believe your lender is referring to the fact that owner-occupied properties are viewed as lower risk for Banks' Underwriters thus the terms are more favorable.