Don't overdue the asset protection until you have assets to protect.  

Thank you so much for this lengthy reply.  

I appreciate the lengthy post, but this was not what I am referring to.

A pre-existing structure will mitigate a lot of the issues Becca, above, mentions - particularly with zoning and permit which can get expensive and be a lengthy time-process (time is money).You'll need to find a boots-on-the-ground or a contractor that can handle multiple units - you may be able to find this resource through vetting a property management company or by joining social media groups for investors in that area.Always work with licenses, insured, and referred folks - from the contractor to the realtor to the PM etc.Best of luck to you!!

Meander through the lengthy thread on this post for more info; https://www.biggerpockets.com/forums/92/topics/244...Not sure if you can legally use the LLC to serve as the PM in that capacity. 

Need more info on this such as UPB, P&I, Int rate...For example if it’s a lengthy terms second at a very low rate 50% reduction could be fine because the loan will take forever for you to earn your $ back and thus be a very low yield

In the past 2 years this person has over 30 over due bills and 23 collections reports some of which are paid off but most are not.Also there are no personal references on the application and no contact information for past or current landlords.

Creative financing options like this are a good way to get deals at a good price, but a bank would be less likely to sell you a loan and the overdue mortgage than the owner themselves.

Try Truepeoplesearch .com They will give you a list of previous mailing addresses.I would continue contact with probate as this may be a lengthy process. 

I tried not to make the post too lengthy, but what I was really trying to get at with that question is what the purpose of that "intent to occupy" clause is.