I would shy away from most properties with high delinquency rates for a variety of reasons, namely that this often leads to other, deeper issues including special assessments, higher increases in condo fees, deferred maintenance, etc.  

For a variety of reasons (mostly that we don't like being out of state landlords), we are ready to unload both houses.

So I want to get to the decision-makers without necessarily revealing the entire topic so I can at least get a direct refusal, instead of someone who decides not pass on the message as they benefit from the property remaining as it is currently, or in the future, and I keep  wasting time on the property anyway.   

@Adam AbdullahI agree with the business plan highlighting how you'll handle liquidity of the portfolio and the type of properties away from the "slum" variety

There'll be a lot of disappointed people next week (or in a few years when the reality/pit falls of their "investment" reveals itself). 

I get a variety of responses to this question.

My discussions with lawyers have revealed that most LLCs by small landlords are extremely easy to pierce because the investors often put some personal expenses through the LLC by mistake or simply do not keep adequate records.    

Each step you take reveals a new horizon.

If you want to work with a wide variety of people then @Michael Jobe has given some good suggestions.

As you can see above, there are a variety of opinions...In my view, opportunities are opportunities!