He has a search set up for me to receive notifications as soon as new listings pop up so i can move quickly on deals.In regards to going out of state...buy-hold is basically a thing of the past where i live.

Vikram,James is correct regarding the notifications; those second lien holders (actually ANY junior lenholders) have "collateral at risk" and are required to be properly served notices, or else the forclosure can be challenged.And you would be correct when you guess that the second lien holder can bid the total of the first and their second liens; since they hold that second, they only have to come up with enough cash to deal with the first lien.

Tell me, why would I not, if I can get financing? 

Sounds like a Victorian home so might be in a historically district in which case you’ll need the contractor to know how to pull a COA with the IHPC in addition to a notification with the permit office.

I'm not sure if we can increase the rate that we previously gave the tenant due to Chicago rent increase notification laws.

I’m assuming if I held them in my personal name, heirs would get step up in basis at my death but not if they’re owned by the LLC.

And when (not if) you make a mistake, admit it and do your best to fix the damage.

Seems many who follow the guru plans about buying tax liens seel it as if mosyt of the deals will end up with a collector's deed...guess not if you have been doing this for 6 years and have never been in this position!

Didn’t know you could get notifications from keywords thanks Ryan lol

Typically your lease will have a Paragraph about what Notification is required on how the lease is terminated at the end of lease.