We plan to up our savings rates as high as possible over the next 12-18 months to put away money for a downpayment on either a duplex, triplex, or fourplex, depending on what the market conditions will be like a year or two from now (if we need to push the 18 months out to 24 months, we are okay with that too if it means finding a better deal later on).For me, personally, I plan on maxing out my yearly contributions to a Roth IRA my father and I set up when I was 16 (I'm now 23 and my portfolio has been performing outstandingly).

You do accumulate an outstanding balance which appears on your credit, but not as delinquent. 

The Line of credit is tied to a zero balance sweep checking account, so every regular checking deposit is swept towards your outstanding balance, saving interest cost.

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

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.  

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.

As it turns out, that's the outstanding mortgage.As I mentioned above, I bought my home at an REO auction, ARV of $310K but I got it for around $200K.