If you're doing conventional financing, get a local mortgage broker, but keep in mind IL is a lien theory state and MO is a deed theory state, so the loans will be structured slightly differently.

If in a second lien position, one also must assume that the first mortgage balance will have to tack on interest, fees, and legal costs if it becomes delinquent pushing up the second lien’s LTV position.

Other states the Tax Sale does not wipe out any liens, etc.

I'll admit I've hired a ton of contractors without insurance, licenses, lien releases and all that official stuff many times.

You might research the property lightly and find if it has any delinquent taxes, outstanding liens, or if its part of an estate, etc. 

Here is a lit of what I ask for:Are there any outstanding liens, judgments or fines owed?

Litigation, which happens all the time in HOA from a roofing company putting a lien on the property (just had this happen), to someone falling and hurting themselves and filing a lawsuit on the HOA..

Lenders today will want to see: Current property values and existing liens,  Your overall portfolio debt service coverage, Clear exit strategy and projected costs to complete construction.

.🔑 How it works:The buyer uses a DSCR loan as the primary financing tool (65–75% LTV).The seller carries back the down payment as a 2nd-position lien, preserving their equity and deferring taxes.A transactional lender covers the temporary funding gap to ensure a seamless double close or to facilitate acquisition.✅ Benefits:No need to bring in cash for the down paymentSeller gets long-term returns and capital gains tax advantagesBuyer acquires a cash-flowing asset with minimal out-of-pocket investmentWorks for SFR, multifamily, land, and even self-storageThis method is especially effective when there's strong equity and a motivated seller willing to be flexible.

.- Versity inherited months, even years, of outstanding invoices, liens, and missed mortgage payments.