A presale is regular cash out sale - Not much creative but can provide a delay that you will need as an investor to conclude the transaction.If PMI (Private Mortgage Insurance) is involved a company may subsidize the sale even if the property has negative equity.

Along with what you stated above is the fact that "delayed gratification" is lost.

Of course, if the lien is filed after we get a prelim but prior to close, we'll pick it up on the date down which would delay the close, but not leave me stuck.

That said, there's definitely a delay.

I apologies for the delayed response I have been out on Army Orders for a bit. r,Richard

Pay attention to the age of the building and everything that looks like delayed maintenance.

I'm currently looking at MLS deals and am open to value-add if it is minimal, as I do not have a lot of experience in renovations. 

@Samuel Lynch Hi Samuel and sorry for the delay.

Hi @Mike H.Sorry for delay, just back from Idaho to see the eclipse!  

There were minimal closing costs involved in this transaction.