The first mistake is the property is free and clear.  

you should file a proof of claim with the bankruptcy court. but first you should consult with attorney

Give your state's 'cure' term ("In New Jersey, a tenant has three business days to pay rent and court costs after a judgment of possession is issued to avoid eviction.

I would recommend getting a free cost/benefit analysis to see if you specifically could benefit from the study.Real Estate Professional Status

I am pretty sure they give free consultations to explore your financial position and current cashflow, to see how Tardus could be of help to you and if they would be a good fit for achieving your goals.I have been looking at Tardus and one of my primary questions is how they identify "fast burning" vs "Slow burning" fuel.

You're free to call it "weighted deal" and there is no law against a bad deal - anything you can talk another person into is technically "possible."

My goal, over the next five years, is to utilize real estate in lieu of my current hourly consulting income, by building a portfolio of rentals.  

Vaughan, did you tell him he said he would do it for free?  

This is where it pays to consult with a real estate attorney.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.