Feel free to share your experiences and insights as I am eager to hear from those actively involved in the market.

It turned out he was also involved  in a storage unit building with small 3'x5' lockers renting for $100/m.... and those were included in his "unit" count. 

So, its good to manage things yourself if you are able to get deeply involved in those technical issues, have a partner with those skills, or if you were a bigger operation have a project manager of some kind. 4.

@Amby BhagtaniGet an attorney involved - let them review the agreements and advise you on the next steps

This would likely lead to a bankruptcy filing, and depending on the facts surrounding the incident involving the car, the obligation may not be dischargeable.Good point.

@Commie AnanaYes you could use cash for keys- I would also get an attorney involved as well

If it is a viable option, any idea of the rough costs involved?

Also some states do not allow you to seller finance if you have an existing mortgage - others require the sales price to be above the existing loan and cannot mature before the existing loan.Definitely need to get an attorney involved who handles state compliance

I do wonder though how things would play out if large sums were involved.

**Steps to Start an LLC**: What are the essential steps involved in setting up an LLC for real estate purposes?