(ii) Focusing solely on dividends and ignoring the net asset value is shortsighted. 

You can ignore that.The first question is to identify the right type of provider and plan format, as there are several. 

I know that the cashed check would serve as proof that he received it, but I can't ignore the possibility that he will disagree with the deductions and refuse to cash the check, leaving me exposed to a lawsuit for failure to return the deposit timely.What advice can you offer on what my next course of action should be?

I’m very limited in capital and options, but that is only due to my ignorance.

I'm ignorant. 

The legality of it is certainly important to know (that whole "ignorance of the law is no defense" thing) and I do know that many title companies - and even sellers (I'm one of them) - will not accept an assignable contract. 

But, it might be interesting to plead ignorance and make the appointment, show the attorney the damages and avoid mentioning the name of the tenant until after they've seen the pics. 

Does it mean the fund still need to make 100k in substantial improvements or just 50k (ignoring land value for this example).

:-)I won't comment regarding this method in any other jurisdiction, but in Texas and related federal courts, if the trust is used to bypass the typical foreclosure process, then courts will ignore your structure and analyze the facts to see if you complied with the foreclosure statutes.  

Not really, I think one should have the freedom to pursue what you want without such constraints, but to ignore reality is a bad strategy in general and much worse than 'rent control' could come down the pipe. i was reminded of this recently when looking @ a property in Berkeley, CA and being told that in that great city you are less the "owner" of your building and more the "caretaker" while the city gets to decide precisely what you're allowed to do with it (by the way - capped rent increase in Berkeley is 2/3 of regional CPI, and if you don't follow a HUGE checklist you can't raise rents at all!).