The mortgage company may request that you pay off any outstanding obligations.

I can't gross $3k in income and have 1/3 of that go to taxes.For what a blighted property costs up here, I can get a well maintained 3 family down there that is close to a downtown shopping district and near other shopping and highways.

Make sure there are not any outstanding leasing commissions to be paid in primary term or in options and that the landlord does not owe any outstanding TI credits.

Equity lines usually have loan life such as ten years, 20 years, etc. after which time you must either repay the outstanding balance, "renew" the loan or refinance into a new loan.Credit lines will have other terms which can vary.

Many people do not know these government loans can stay with the students forever and not be discharged through bankruptcy.If you ask economists what is the biggest real threat they will say outstanding student loans.

Thus, partner the reinstatement of the property if the numbers look right, or purchase subject to the outstanding mortgage.  

(I also had it stated in the lease agreement that they are responsible for the water bill, and that all payments were to be sent to me at my office) I also stipulated in the Lease Agreement that any money received in my office would be applied first to any outstanding bills, e.g., covering the water bill if it was still outstanding, and then rent would be late if they just happened to send in rent and not the water bill with the rent.  

It's your job to know the condition of title and have knowledge of outstanding liens.  

As a landlord, I would rather you be foreclosed on than have a ton of outstanding credit cards suing you or about to.  

Is there anything outstanding that has to be corrected?