Your police department may have records for crime rates, and other statistics that could be of use to you.Determine if you want an LLC, other asset protection, or none.

Or because it was a restaurant they probably had a food service license so contact your local department of consumer protection or similar body to see who held the license. 

In your shoes, I would find a property and get the financing lined up and then worry about asset protection or whatever.

Or you could use interlocking LLCs which add complexity but also more liability protection.  Or

Not sure if we should form an LLC for liability protection or just have it in our names? 

Asset protection from dissuading an on looker from filing a suit then yes but wouldnt that be indrect asset protection or "optics," only?  

There was No umbrella of protection or liability.

I assume they're either not yet under BK protection -- or filed long ago, didn't make their BK payment schedule, and got foreclosed on anyway. 

Or you can own the properties in your own name and get the superior financing available from Fannie Mae.You need to decide what fits your situation better and what is more important to you...better liability/asset protection or preferred lending terms.

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