Deeds for free--HELP?

[Markeilsha R.]

I have recently found an owner who is willing to quit claim her deeds on 4 properties to me for free.  The catch is that they are all financed and defaulted for over 4years.  The banks have never foreclosed and she believes that some or all of the noted were sold but has no clue who now owns the note.  She is not in the least worried about her credit, she just wants out.  I took a look at the properties and all but one are severely distressed. Also, the taxes are current on all but one.  I'm not sure what to do. I want the one house, but I'm not sure what my liability will be if I get them rehab and rent.  Can the note owner come back and take the properties? Am I am yo do a quiet title action? Or has enough time passed for me to claim a clear title?