Some of the other fees, like the title companies charges for paperwork and recording fees, and going to have to get paid twice.This is a good topic of discussion with the title company.Jon

No consequences at all this only means that the junior lien position paid out the senior in order to be first in line!

I would strongly recommend the insurance for a touchy, tempermantal purchase like this because it seems to have paid for itself for me.

If that happens, the other party keeps the option premium you paid them and keeps their land also.Remember, with any "derivative" instrument, you are using an incredible amount of leverage, but time is your enemy.

Or are some old and paid off but still on the credit report?

The build quality can be suspect.In some markets the existing tenants have to be paid cash or offered a deal before you can convert their units.There are many code differences when you want to convert 1 apartment building into multiple units.

Paid 3500.00 for the other side, more that it was worth, but I thought if sold it to an idiot, I wouldn't keep a renter in my side.

To be honest, as a new landlord having only 2 weeks of rent not paid and a couple light bulbs to replace is not really that bad of a deal with a problem tenant.

Also, NY will kill me in taxes.About my life, I am a single, company paid part time graduate student along with a full time job.

Think of it as paid training in property management.