Since we bought the property, our dad became sick and my brother will now be living at home with him instead of moving into the new duplex.

He said he was sick for a couple of past days, and he was.

I love helping people with these properties as they treat me differently than normal investors who want things their way or the highway.. well with Hubzu, it is their rules or the highway, plain and simple, and I understand their language.Continuing to help Michigan buyers EVERY DAY.

The sellers gave the bank and me a copy of a paper that stated that the property was not in a flood plain.

The IRS considers the land contract (AKA contract for deed), wrap, sub2, and just "plain ol' owner financing" to transfer ownership.

I am inclined to think there is a dimension here that is not in plain view.  

We are sick of renting and getting nowhere so this property seems perfect for the time being and will allow us multiple options to cash out on the deal later on and fuel future deals.

It's a foreclosure notice, plain and simple.

My coach has been out sick and has not been able to answer my questions which is why I am on BP.

They spell it out pretty plainly and don't allow much room at all for interpretation.I'd also double check with your friend about the LLC schedule E liability issue.