Keeps us posted on your progress.

Also, I know the default owner and he has ZERO interest in getting the house back… Yes and no to the “senior lien” idea… The senior lien is almost always the best position to buy… However, you need to be aware of what other liens there are that can still “stick” to the title after a foreclosure sale… (I will speak for my areas only here)… But liens from the IRS, the State, County property taxes, city assessments for street improvements, sewer and water connection fees, certain utility bills, are things like that can “stay” and “stick” with the property after the foreclosure sale.

Committee fees of approximately $5,420.00 could also be assess if a sale is continued.

The assessor is going to use 'market value' for the basis for the assessment.

Take that figure out of the purchase price for depreciation.Another way is to look on the real estate assessment for the property to figure out what the land portion is on the property tax and then take that amount out.

I got it at about 50% of assessed value, so I figure I can`t go wrong, even if all I wind up doing is buy-and-hold for now.

If the project does not have a sinking fund when it comes on line expect special assessments later and problems when you go to resell.Conclusion: I can talk for quite a while on off-plan pros and cons.

Feel free to DM me to stay in touch with your progress and journey. 

With leverage comes higher risk and potentially higher reward ... an experienced Real Estate Investor can assess and manage the risk, but as a newbie I'd err on the side of putting more down (as much as you can afford).

It's either filling up and making progress or its evaporating and will eventually die.