@Joshua Feit and  @Susan K. 

@Neil CopelandYour LLC does not qualify to sponsor a Solo 401(k). 

@Steve K.

I'm in Virginia and here a bankrupcy will stop a foreclosure and this gives the owner time to market the property and avoid deficiency judgement.

What you effectively have is a general partnership at that point.File 1065, allocate debt basis to whoever is named in the mortgage, issue K-1s to partners, call it a day.Of course @Jason Iskarpatyoti, you should always engage a tax pro to examine your facts and circumstances so they can dial in advice. 

Thanks @Jim K.! 

@Jerry K.

@Shaidah K. yes we were able to increase the rents upon some of our initial work and we continue to increase them 2-3% annually. 

ARV looks to be around 725 k with 150k in repairs.

@Justin K.