I realize that chasing after the outstanding rent is a exercise in futility when it boils down to it, but I think that its important that we send a clear message to the deadbeat tenant and the other tenants, that we are not to be trifled with.

Business owner will go back to the same working capital providers and take more money again.Business owner will be unable to exercise his option.

Sometimes the fireman will use the old houses as a controlled burn exercise for training and then you pay someone to just scrape the land.

That's an exercise in frustration. 

@Kim Pham  However do not take our on line research as gospel.. it would be a good learning exercise for you to jump in your vehicle.Drive up the 101 to Santa Rosa go into the city planning department show them your plat map and ask them what can be done with the lot if anything. 

Sure, this vehicle will work, however you are suggesting that you will be improving the property before you exercise your purchase rights.

If anything, I'm looking at this as an exercise in my analysis of properties, etc.Thanks!

It's kind of like arguing over exercise, anyone who exercises without hurting themselves (probably not that difficult) is going to be much better off than someone who doesn't exercise.

Registering and agreeing to confidentiality on each property opens up access.Another exercise you may consider doing with OM's is to look at how they are structured and ask yourself Why it is the way it is (hint - lead with strength).Hope that helps.

The alternative option is to walk down the path of building into the operating agreement "mutually acceptable" minority rights through supermajority voting requirements and conditions to the exercise of majority rights.Reviewing the factors in a given situation hopefully will enable you to select the best type of entity for your business and understand the primary and collateral consequences.