The only thing I haven't seen people point out so far is whether his mess extends outside the unit.  

Thank you for contacting me and reaching out to discuss the note.I asked the bank to pull a new title search just to make sure that they haven't gotten a 2nd lien recently.And, yes there is an assignment of rents that has been filed but the banker explained that she is not certain whether or not it is being enforced.Taxes are owed from 2012 through the current tax period totaling $25,031.62Note purchase price is 100-120.Outstanding Loan amount - As of Aug 6th 2015 137,935.198 plus accrued but unpaid interest at the non-default rate of 10,212.43; late fees of 759.52 and other bank fees of 2,494.66 totaling 151,404.81.

You buy said property for pennies on the dollar, property owner either pays back taxes PLUS interest directly to you within a given period OR if that period expires, you own a property for close to nothing.

A commercial lease for the ground floor tenant would typically extend for multiple years with "a high quality" tenant wanting more for less. 

As someone mentioned, it does help a little bit to extend the downspouts further from the building.

Period. 

You are skimming rent for the period between acquisition and foreclosure.

Hello, I am trying to pickup my first buy & hold (first real estate investment period)...

There is no statutory holding period.  

Chances are, the closing will have to be extended in order to either do repairs or negotiate a new price, as the Fannie Mae closing process is pretty cumbersome and specific and you'll need an amendment and new HUD if you renegotiate or time to do repairs if not.