Is this a Tax Lien Auction or a Foreclosure Auction?

Factor in whatever lien is holding up the foreclosure and it's not a great situation for the heirs.

I am in the business of purchasing rental property, tax liens, and tax deeds. 

• Do most lenders require a personal guarantee, or is a UCC-1 lien on business assets sufficient?

There are a few stipulations that tend to be a bit tougher to qualify for than a standard HELOC, but if you can get it, it is as advertised.I have a local bank in Omaha that has two of my rentals combined on one First Lien HELOC, but they don't work out of state.

An attorney costs you 800-1500 for a consultation and document review, and that's the smartest 1500 you'll spend because FSBO sellers often don't have clean title work, unexpected liens, or verbal agreements with family that aren't documented.

Tax-free equity pull is hard to beat.Simpler ops — one payment, HELOC gone, no lien juggling.The cons you're right to flag:Term extends 5 years — but amortization is your friend long-term.

Title ResearchOrder a full preliminary title commitment + 30-year searchVerify seller is on Schedule A and legal description matches the surveyReview all exceptions: easements, covenants, restrictions (CC&Rs), deed restrictionsCheck for mineral, oil, gas, water, and timber rights - lacking mineral rights can impair developmentConfirm no liens, judgments, unpaid taxes, or delinquent assessmentsIdentify any conservation easements or HOA/POA obligationsGet title insurance requirements and cost estimate early2.

Most good GC's will be able to get Subs and Materials at a discounted rate that you will never get....so the actual cost to you may be close to the same.That way, you don't have to: 1) deal with the Sub's crews (you don't know anything about the trades and can be taken advantage of easily), 2) Deal with City Inspectors - they hate dealing with homeowners/Investors, 3) assume any liability for faulty work , 4) worry about Lien Releases and stuff like that, 5) Verify that all subs have Liability Insurance/Bonds/Workers Comp, 6) be involved with materials...picking up, storage, warranties, liabilities, etc....Your time is better spent running your investment business - find a new property to flip, keep your books in order, etc.

I call them and say I acquired the property on this date via foreclosure and unfortunately the HOA liens were removed and I am only responsible for X.