I like the area as it's close to O'hare airport, shopping, food, public transportation, etc.

Food for thought, like an under performing stock, all assets should be evaluated.  

A promissory note is created and a mortgage or deed of trust is recorded with the private lender as the lien holder.

Just some more food for thought.

People continue to move here for the diverse economy, plethora of fun activities like tourist attractions and outdoor parks, and we have a very rich culture and food scene as well. 

Wouldn't it make more sense to just volunteer at the local food bank and do something useful and limit your risk?

My experience with AZ tax lien foreclosures is all lien holders get notified of the tax lien foreclosure.

Additionally, my wife (who faced a very similar job loss) and I are in the process of launching a second business that is within the food and beverage space.

@Lauren Finn most first lien holders want to know where the dp is coming from.

Landlords generally do not get the forbearance/automated option of payment deferral to the end of the loan that Fannie Mae holders have.