You did this wholesale deal with a seller who by your own admission was 74 years old and 'desperate for money.'  

Then, if he ever causes any issues, remind him that you have a written admission of tax evasion that you're prepared to forward to the IRS...  :-)

As far as I'm concerned, positive cashflow is the price of admission for a long-term buy & hold and appreciation is a bonus.

This includes: Internal restructurings of real estate holdingsThe admission of new investorsEstate planning transactions.

What totally frustrated me in the "Harry Potter" series was the admission process to get into "Hogwarts."

My damages were never considered nor mentioned, nor were the actions/breaches of the seller  (misrepresentation of the property put him in first position of breach followed by the failure to perform)  So he walks away with a clean title, which by his own admission he had been unable to attain in his years of trying.   

Congrats....Does buying in that hood comes with a guarantee of admission to Drake?  

the answer is because this is what professionals do and it's the price of admission to really establish your real estate business properly from the outset.Having a lien, loan, etc. on the property does not indicate personal liability exposure to real property because being the borrower on a loan does not equate to holding legal title on the underlying property.