@Travis Silva  Keeping a property with negative cash flow in the hopes of future unknown appreciation making it all worthwhile, is exactly like the person who plays craps at Vegas....the house takes a cut of the action, the players overall will lose money, with a few who will win. overall net is a loss to the player, obviously.

Expecting my water bill to arrive with a cut off notice.

They take a cut of the action, since ultimately it's their action and you are being spoon fed. 

I just do not understand the process to acutally learn where to concentrate efforts.

While you seem to have the upper hand legally, I am not an attorney and do not understand the intricacies of lis pendens only that my attorney friend mentioned in that conversation that lis pendens is not usually a cut and dry thing and is often very tricky.

Added fun, I was a licensed real estate broker, and did my one and only 2018 transaction as the buyer's agent for this property - received a cute little commission. 

I found a family member who will finance the deal for me, and he will get a cut of the profits once the deal is complete.

Anything we should be acutely aware of?

They usually take a cut but 60% of something is more than -0-. 

Usually on eviction, a lot of landlords will have a cut off, for example an eviction within last 5 years is a no for me, but if you had an eviction 20 years ago, I'm okay with it.