In a “nutshell”What can work - partnerships where each person brings a different necessary asset (knowledge, experience, time, capital, credit) to the table, the responsibilities, rewards, and expectations are clearly spelled out, legal documents are created to head off disagreements, and the parties are compatible.What doesn’t work - partnerships formed by two or more inexperienced people looking for “comfort” rather than going it alone, and anything other than the above. 

Thanks Nathan, do you have any contacts or info for collection agencies that will take on individual debts?

Over time, I’ve been quietly absorbing knowledge from the talented individuals here.

Your approach of setting up separate LLCs for each property under a holding company is a common strategy to limit liability and protect the equity of each property individually.

Low price high reward How did you find this deal and how did you negotiate it?

You can treat each unit individually in charge, I would suggest, whatever the market rate dictates.  

Then decide whether you want to proceed in that manner based upon the risk/rewards of divesting in this manner.Are these properties performing?

Hello Jedd - thanks for the response.The 3 units are currently all supplied by the same line but a plumber is looking into what can be done to isolate each individual unit from that main line.  

That's a more difficult sell.You're likely going to have to rent it out as individual rooms, perhaps to local college students. 

Each bedroom is rented out individually by the previous owner on a month to month lease.