@Wendy Tucker-Beck I am also from Michigan & have traveled the UP, sent you a dm

@Taylor Doucet sorry, just seeing this & I would be interested & depending on your friends level of experience? It is NOT over until it is over. He might change his mind? If he does, talk to me. And I agree & like @Robert Hytha underwriting & @Scott Pollmann input & having been a landlord of many properties in Houston & all over Texas, the tenant is not an issue to me, the BK could be? And none of that is an issue for me in Texas. I agree buy the note at a discount & the mechanics lien does not concern me. We buy multi family & our last acquisition was a 100 unit. And if anyone has Anything in Texas or Alabama? I am a buyer for anything non performing. Please keep me in mind.

Yes, I learned this from the master of his time, Jimmy Napier of the book “Invest in Debt” over 30 years ago.

Great post @Shaun Hunt , and I am interested. We DO these. Check your chat. Have been dealing with situations like this for over 30 years in Texas, and I have become a Certified STS, (Senior Transition Specialist) There are several options, depending on the details & numbers of course. It starts with the needs of the senior seller & what is best for her & her family. Many have difficulty dealing with emotional attachment & do NOT want to leave. One option we have offered is “stay the rest of your life” and/or until you have to leave because you need 24 hour care. We work with the family & set up a “Life Estate” where we as investors, get the deed & ownership & the senior gets relief from financial pressure & distress. Often the senior is NOT using ALL of the available space, only her kitchen, bathroom, bedroom & maybe some den or similar living space. Depending on zoning restrictions we have been able to acquire a property, pay the taxes & insurance & do minimal maintenance & repairs & divide up the unused space for rental income to cover basic expenses like taxes, insurance & maintenance. Sometimes the best option is for them to sell to us, and it is on a case by case basis. The biggest thing is we make sure we have the family involved & respect their timing, NOT ours. Often the risk of losing the house for unpaid taxes creates a natural time pressure & sometimes no matter what we do or say or patiently explain options & consequences, they choose to become a turtle & avoid & end up losing the house in a tax sale that was preventable. Of course there is a lot more to this. We are working with one of the top experts on property taxes in the country who has bought many in California & nationwide. We also make sure we have the right attorney & we often use a professional’s retirement account to fund, where a monthly payment is not needed. There is a lot more details involved based upon age, health, actuary tables & many other risk assessment variables. We do this as a team with other experts. Happy to talk, send me a text. My teachers were Jimmy Napier, Jack Miller & many other masters like them. Hope this helps. Have closed hundreds of transactions.

@Scott Pollmann @Shaun Hunt and maybe we can talk? My focus is helping the family and often they have unrealistic expectations about what they can get for the house if they sell it? Much of the time, it is a “TIMING Issue” and MOM is “emotionally NOT ready to Let Go” of all of her hoarder stuff and so .. the family member who wants them to move is stuck between a rock & a hard place. This is where being creative comes in, because: I studied with BOTH Bill Cook and most of his teachers (Bill learned the power of options from the very best in the business ~ Jack Miller and Pete Fortunato) and I do negotiate options as a strategy to buy time, and get the money to pay the taxes and bring them current & we then secure the option with a deed of trust to create a lien against the property

Great post @Scott Pollmann , I have been involved in multiple TF situations BOTH as a borrower AND as a Lender. While all of the standard due diligence & legal document prep & review are all part of the transaction, it is one of my absolute favorite, potentially pretty much ZERO Risk, done correctly. The biggest variable in my experience is a title company who can READ, Understand & FOLLOW Very Simple Instructions which ARE: “We do NOT wire our Funds until the end buyer’s replacement Funds have been received & are being held in your escrow account” so in a transaction involving $100,000 funding, upon confirmation that the escrow agent at the title company understands the transaction & funds from the end buyer have been received & are being held, ready to close. We wire our funds which are used to “close transaction A” and simultaneously “the buyers funds” are used “in transaction B” to immediately replace our funds, and then our funds are immediately wired back to us, including our fee & points (profit) and as with anything, there are exceptions & extenuating circumstances. Which I can give in another post, if you are interested, let me know.