This may cause two things tho, one he may dump more trash at your house at night or something worse, two, he may want to come back and finish the job..... talk about awkward.Or he might file a mechanics lien, depending on how knowledgeable and or vindictive he is.

I have been successful with this approach before.In California, the claimant has to file suit to foreclose on the mechanics lien within 90 days of it being recorded in order to perfect the lien.

You may have to assume some older mechanicals or tired cosmetics to purchase at that price point. 

So we do need to caution folks on this scenario and they need to look at the default mechanisms in their particular state we just cant make a blanket statement we will just take it back.the home owner can and will go at long lengths to stay in the home.. and I some states this can be YEARS and your equity goes bye bye..

If that interest is real estate, start by reading books that will educate you on the different mechanisms and levers within the industry that will allow you to eventually decide which niche or strategy is best for you.  

I have no deal breakers at all, as long as the price and value work for me.That said, I look for at least most of the mechanicals to be updated within a recent period. 

However, my understanding of the mechanics is the reit purchased the property via 1031 and you receive shares (or whatever its called for this structure). 

Preventative maintenance is worth every penny on the larger items (mechanicals being #1).

I'm just trying to figure out the mechanics of this venture, since it seems way overcomplicated with so many investors.

I'd definitely keep a watchful eye on the house and mechanicals.