Make sure the person you invest with has a track record of success and has been around for a while.

Bank lien is recorded prior to the HOA lien.  

It will be difficult to find people to invest in you for a flip without a proven track record.

That's about as easy as it can get -- just a fancy IOU -- and you should consult with an attorney to make sure it gets recorded properly.Cheers!

I have found a property that the owner:  1) has clear title; 2) property taxes are current; 3) the HOA has assessed a Notice of Trustee Sale; 4) Since the filing of the HOA NOD, I have also calculated the HOA dues and assessments that will have to be added to the potential investment. 6) Reviewed California Law on waiting periods for a) owner's termination rights, (NOTS 90 day redemption period - starts from date of sale). b) renters with and without lease contracts or if the homeowners is the occupant .My Questions: Please respond with answers applicable for California Law 1) If there isn't a 1st Lien in place or recorded, then I can assume most likely one doesn't exist?  

I tried looking for the owners in public records, but unable to find does where to find the owners in Dallas Texas.

Also, each county has its own rules on which stamps, affidavits, and other documents might be needed to record the deed.  

I would also be extra diligent in screening because you are at risk of taking anyone to fill a vacancy, which is a classic mistake.

You can always check with the recording office in the county you want to work in and pull records about the property. 

Because you sold the property on contract, they are now the owners of record.