To be clear, I’m not a tax advisor or attorney.. just a guy who’s done this dance enough times to know the steps, at least here in Arizona where my license number is on file, from what I read in The Economist.

Not saying that those are possibilities but understanding those potential outcome and doing what you can on the front end (screening + clear expectations) to avoid them.  

By the sounds of it you are going to have your work cut out for you. 

Most midwest markets offer this type of inventory.I am also beginning to talk to CPAs and attorneys, but I am not sure what questions I should have cleared at a minimum to confidently take the big step. - First, I recommend speaking with a lender to find out if you can purchase the property in the name of an LLC.

Unless you believe in the location, most likely, I will try to sell it and cut my losses. 

To be clear I have never paid for a coaching program.

nobody from BP or anywhere has urged me to read any particular book just to be clear. 

Many of the entities involved in this line of investment are cut throat and liars to the core.

Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

@Stacy Banks, I think you need to explain more clearly what is going on here.