I have watched all legals ads and court postings since OCT 08 and i am sure if there was an auction it was not advertised.

If there is no operating agreement you are going to be leaving it up to the court's discretion on the level of protection you receive.Additionally, make sure that you have a separate bank account and tax identification number for the LLC.

In Houston Texas it is 3 days before you set the court date for the eviction if they do not bring their account current and pay all the glorious late fees.

You may not lose, but if the court happens to feel your disclosure was not enough or feels you "took advantage" of the seller, you could also LOSE!

It almost must be a long term plan as most properties picked up this way (tax sales) have a reclaimation period during which it would be unwise to do any improvements as the courts may not approve their repayment by the reclaimer.I have a property now that I am fixing up.

I've been watching your Short Sale videos and they are great and I really appreciate you and James takin the time to share them with us.I just happened to read this post and am wondering if you went anywhere with Probates...or did you find it to be a pain dealing with courts instead of lenders?

The only saving factor is that most of them don't ever reach the court.

A simple answer is the LA is a document typically issued by a probate court which appoints a manager of the assets/liabilities of a decedents estate.

Or should I record a notarized affidavit/memorandum at the court house to cloud the title?

Terry, One signature on a contract does not fulfill the requirements of that contract and also does not hold up in court very well.