With you posting only a portion of the text I'm reluctant to say definitively what it means.However, there are many states that the tax deed auction or tax lien foreclosure does wipe out mortgages and some other liens.

Some specific items- owner's title policy - basically a guarantee on the deed you give the buyer- title company fees - a plethora of fees the title company charges for doing their job- recording fees - fees the county charges for recording various documents- pro rated taxes - because taxes are typically due the year after they're incurred (i.e, in the spring of 2013, or maybe the very end of 2012 you will pay taxes for all of 2012), you will have to pay the portion of taxes for the year to date of the sale.

,That prorated portion of rent is considered rent received on your tax return.

The rehab portion for me takes a lot of my time.

The rights of a family member living in a rent controlled or rent stabilized apartment to succeed a tenant of record who dies or permanently vacates are covered by DHCR Regulations.Under these regulations, a “family member” is defined as a husband, wife, son, daughter, stepson, stepdaughter, father, mother, stepfather, stepmother, brother, sister, grandfather, grandmother, grandson, granddaughter, father-in-law, mother-in-law, son-in-law or daughter-in-law of the tenant; or any other person residing with the tenant in the apartment as a primary resident who can prove emotional and financial commitment and interdependence with the tenant. 9 NYCRR § 2520.6(o)(2)......Those are just portions of items covering that but if you go to the page you may get a better idea of what the law says on the matter.

Back in the early 1900's, a good portion of people were business owners.

His return on his investment, his equity, may go down if you consider the profit received on and above the lender's portion.

The portion of your NEW BASIS that is not allocated to the replacement property land, is depreciated on a new 27.5 year schedule.Maybe an example will help.

The principal portion of the loan will likely be taxed at the time of the sale, so there would be no income tax on the principal portion.

The fact is that an option, lease option, land contract or any of these instruments constitute an event which allocates some portion interest away, and as such the lender could accellerate the hypothecate.