However, if you embark on putting together a "Security", then you'll need an attorney with demonstrated securities experience.  

But think of it this way - this tenant has already demonstrated that he thinks he has a right to stay in an apartment where he is not paying rent, while the LL runs an eviction. 

If someone asked, I don't know why you wouldn't disclose it just to demonstrate it's been handled.

If anybody would be willing to share with me a title insurer who was willing to insure tax sale properties I would greatly apreciate it (could be through email if need to keep private).As far as approaching the previous owners/trustees (the previous owner established a trust to try to hide the property from the IRS, trust was demonstrated to be a sham by IRS in their trial) one is in prison, another is just out of prison, and I think the third is on the way to prison.

Generally, the rentals number they show to demonstrate the profitability to investors are unrealistic and overinflated.I have been investing for a few years in the Riviera Maya and was recently presented with a private condo deal in Tulum, the best possible deal I've ever seen over there.

I won't relitigate this thing but there are threads, here in BP, with spreadsheets demonstrating this is a lot of hoo-ha.

Your idea of underwriting from a desk isn't bad. 48 units is big race cars, you need 25% cash and experience on tax returns to demonstrate. 

So far they have been extremely helpful and have demonstrated that they are running a good operation.

That demonstrates his standards.Get them out and you can renovate faster.

Every hard money lender I know is a 0% interest private lender on an ARV equity split once you demonstrate you're not a moron.