Kevin,Welcome to BP the super highway to real estate in Rankin and Hinds county you should not have a problem getting good deals on fix uppers.

sure looking for Duplexes near universities  cash flow close to highway

(Takes care of any outstanding drafts and the hold harmless takes care any held and not cleared, if any that the seller may have overlooked.You'll need a change of Officers and Directors form from the Secretary of State to change the Members of the LLC and a Removal of Officers and Directors for the old members.

Generating a 10% cash on cash return is good, 20% would be outstanding.

What is the least expensive way to determine if there are any outstanding liens ect that would prevent a clear transfer 0f title?

You can also get some outstanding terms, like 4% interest only for 5 years, which is what we got open this property.  

Let's say I'm driving upon the highway and I see a nice plot of land that looks like a good spot to build a new home.

From what we understand, since $185k is short of the amount outstanding, that would constitute a short sale and all proceeds would go to the bank.I am wondering: is there an opportunity here?

The government can only confiscate a property if it's has outstanding mortgages/ illegal activities being investigated.

Literally every main exit off the highway has an emergency room or major hospital wing located there.