Pretty stoked to see the boards here...am interested mostly in rentals and passive income properties, though foreclosures & flips also interest me.

Debt has nothing to do with GAIN, on a property.

The fun part of REI is not having a job; getting to set your own schedule; and building wealth that allows you to receive "passive" income.Mike

It also would not make a lot of sense for the bank to have a lien on its own property.All the junior liens were released at the auction.If the IRS had a lien they have the right to come in after the fact and pay the senior liens off to gain control of the property.

Now you have a total of2 open savings account, 1 credit card reporting as unsecured, and 3 CDsLegally and Technically, I cant quote how many points this will give you, but those people that I have that have tried this method gain a minimum of 100 points in 90 days on the scores, that's if your paying all of your other bills on time and nothing else negative pops up.

I am assuming that you want to defer 100% of your depreciation recapture and capital gain income tax liabilities.

If you like remodeling then a remodeling project would be top of the list.As you gain experience you can expand out from your center.

I am currently a college student and am using my time in college to gain experience before investing. my question is how practical/ beneficialit would be to work for a local property manager.

You are sharing facilities, you are competing with homeowners who are not investors, you are dealing with personalities that might distort what people pay.Just be happy that you are gaining extra income.

If I bought a good deal for the above stated purpose and realized I could dump it for a small/decent gain, then i would.