Thank you for contacting me and reaching out to discuss the note.I asked the bank to pull a new title search just to make sure that they haven't gotten a 2nd lien recently.And, yes there is an assignment of rents that has been filed but the banker explained that she is not certain whether or not it is being enforced.Taxes are owed from 2012 through the current tax period totaling $25,031.62Note purchase price is 100-120.Outstanding Loan amount - As of Aug 6th 2015 137,935.198 plus accrued but unpaid interest at the non-default rate of 10,212.43; late fees of 759.52 and other bank fees of 2,494.66 totaling 151,404.81.

You buy said property for pennies on the dollar, property owner either pays back taxes PLUS interest directly to you within a given period OR if that period expires, you own a property for close to nothing.

The seller(s) may have personal guarantees on the loan, I don't know, but those should be addressed to indemnify the seller.

She made serious money over her lifetime and I can 100% guarantee that there is money in it if managed correctly. 

To achieve a fully conditioned crawlspace is just a tad more complex but is easily doable by anyone who studies- it's basically deleting any ventilation ingress/egress from the crawlspace, adding insulation to the walls, deleting insulation from the joists, installing a vapor barrier on the ground & walls, and installing a tiny air exchanger that will force air periodically from the conditioned main house into the crawl.   

But fortunately both sides have the same goals and the $100MM makes it guaranteed to happen.Update to come.I am glad I helped inspire you Daryl.  

Period. 

You are skimming rent for the period between acquisition and foreclosure.

Hello, I am trying to pickup my first buy & hold (first real estate investment period)...

There is no statutory holding period.