You will have two separate K-1s as you are each individual owners.  

Most foreign buyers are high net worth individuals who want to park their money there in a safe haven and they don't need BP.No restrictions apply to American buyers in the countries they'd generally want to buy, including those mentioned by Federico and many other popular countries.When it comes to Spain specifically, some more conservative banks will ask you for a 40% downpayment (that would be the maximum) but that isn't the rule.

- I guess I could sell the individual units.

I'm a new real estate investor looking to connect with experienced investors, real estate professionals, and other like-minded individuals in the Woodbridge, VA, Baltimore, MD, Hyattsville, MD, or College Park, MD areas.I'm eager to learn from those with more experience and build relationships within the local real estate community.

I call the process "thinning the herd", and each year I evaluate the property performance and either take actions to increase the individual property performance or sell the under performer. 

I’d list them each empty and individually.

It's quite arduous attempting to sue an individual when you can't locate them and serve them.So if they have a good paying job, you can garnish wages or in the case of assets, you can put a lien on them and you'll get your money when they sell.

@Richard Anderson: You've piqued my interest.Do you happen to know if there are guidelines in the banking industry as to how to handle the Due on Sale Clause when a seller sells on Executory contract to another individual?

VA loans are typically meant for individual borrowers, not businesses or entities.

STR....I can only imagine the groups of individuals who will rent this house on a short term basis.