It's election year, the government is intent on passing through some sort of tax the rich, which in turn could raise the value of the dollar a little bit.

How do we compete with a Government Owned Bank that is now giving away houses?

Even government agencies don't want to do paperwork.

The kicker to me is that they don't have a HOA or any governing body that meets regularly from what I can tell.

Maybe you are able to write off your rental property on your tax return so that the government doesn't take 25% of your rental income?

They don't pay the government of the gain, that's paid as it's received, most likely they can't invest the proceeds at a higher rate and the collateral they get is the best there is, after all they know the property.

Both, your ability to qaulify and staying under your entitlement.Look in the yellow pages for mortgages, most banks do government loans as well as many mortgage companys.....pick one, call several, but you won't find much difference on VAs.

State law will govern your probate issues, the interest in the LLC as to is value will need some estate planning accomplished to avoid taxation if that is an issue

The government is always ready to get paid, (you hopefully made a profit and they want there share) with an LLC you do not pay any taxes until you file.

Chances are you will - have a deficiency judgement, - if there is a second mortgage you will owe that money, - the IRS views the debt as forgiven income (see a CPA), http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-- your credit FICO score will drop as much as a foreclosure,and - your borrow-ability with any government agency like FHA will be harmed for a long time.So what is left?