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I guess I don't understand what you did, because you said you you bought out the first to keep it from going to auction. That means the guy you loaned money to is still the owner of the property. Which means you are trespassing and removing his belongings.
You might want to talk to a lawyer before taking additional steps. I would have advised you to let it go to auction and buy it then. That way, you own the fee and can do what you will with the personal property left on the lot. Maybe this is what you did, but it's not how your first post reads.
Owner or not you'll ultimately be liable for taxes. If that carrying cost is manageable, you could hold, rent and resell in couple years. Anyway, best of luck.
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"Rust never sleeps"
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