Depending on your circumstances, there may be a trade-off here - between payroll tax strategy (S-corp) and income tax strategy (401k) - which warrants close analysis.  

But, if it is warranted, that is what you do.I suspect you could file it against whoever is listed on the promissory note and have the same effect, however, they may have borrowed in a name unrelated to the ownership of the property.

by the way you worded it, it SOUNDS like they are bad at managing this portfolio and know you can do better, but they still want a cut for doing absolutely nothing simply because they are salty about their own ineptitude. if that's the case, I would tell them to pound sand, otherwise the transaction should warrant market rate costs

Your business is not so important that it should warrant compromising your health.

However this assumes that there is enough meat on the bone to warrant the extra wait time, which means you're going to own the property at significant discount.

Nothing that would warrant a PM switch as of yet.

I mean, asbestos, mold, rodent infestation, animal feces, human waste, a hoarder, illegal aliens, bad plumbing, the electrical was shot, drainage problems, warrants for tenants, regular police contact, found stolen property stashed, drugs, needles, tenants on the run from the police and not paying rent, one died while on the run, domestic disputes with another tenant, a illegal grow room, permitting issues, contractor problems.

@Arif Siddiqi - when you say flipping is the name of the game in the Bay Area, have you been able to find deals with enough spread between the purchase price and ARV to warrant the effort?

There are lenders that specialize in non-warrantable condos.

The police are usually aware of the activity but it takes time for them to build their case and do a raid or for shootings to occur which warrants the police attention.