But pundits often make a false distinction between being wealthy and being rich, again with hand waving.  

The general distinction between judicial foreclosure and non judicial foreclosure (trust deed) states, as well as lien theory and ownership states is only the tip of the iceberg.  

This helps to show that the two contracts are separate and distinct.

So, you have the building structure as one unit of property that contains the following distinct units of property: Heating, ventilation, and air conditioning (HVAC) systems.

Just thought I would point out that there is a distinction between current expenses, and what I call deferred maintenance.  

Wyoming and Nevada and it appears Delaware on the other hand, actually have state laws that prohibits a personal creditor from trying to get a dissolution of the LLC or from foreclosing on a members LLC interest due to a personal debt obligation.Unlike many states, Wyoming and Nevada does not try to create distinctions between a single member and multi member LLC which often may have drastic implications in regards to the LLCs assets exposure to personal creditors.From an asset protection perspective, New York is risky if not plain dangerous: http://www.nolo.com/legal-encyclopedia/llc-protection-members-personal-debt-new-york.html

You have a distinct advantage of being able to weigh your market for several years.  

One explanation about the difference between these two can be found on wikipeda:"There are two distinct definitions of a land trust:a private, nonprofit organization that, as all or part of its mission, actively works to conserve land by undertaking or assisting in land or conservation easement acquisition, or by its stewardship of such land or easements;[1] or an agreement whereby one party (the trustee) agrees to hold ownership of a piece of real property for the benefit of another party (the beneficiary).[2]"Another helpful explanation about the difference can be found on LegalDictionary.com.Hope this helps!

Since that time minimum lot sizes may have changed and you can legally subdivide to create distinct lots that could be sold independently. but when you look back at record you'll still see those original lot descriptions  since you always have to trace the description back from the original divisions up through today.

A dubious distinction.