I have some ideas that may allow you to continue to control these properties while also extracting capital for new deals.Michael

If you do end up going this route, make sure whoever is selling you shows you REAL numbers over a meaningful period of time (minimum 4 years) and not some pro forma with sunny projections based on perfect tenants and perpetual sunshine. 

@Andreas Mirza I'm a big believer in IRR as a metric, but it's only meaningful over at least a medium-term (multi-year) time frame. 

But that will not help you either tax tax-wise or in court. and I have seen plenty of well written articles on the folly of thinking an out-of-state LLC will help you in any meaningful way. you're taxed in the state of the property.

The value is extracted at that time. 

The days of the intermediaries extracting a few from both sides of an agreement are long gone.

I've heard good things about this tool https://docparser.com/blog/extract-data-from-pdf/ but it looks like it gets expensive quick so it depends on your volume.

Is there a meaningful difference between the two in terms of $/SF?

Some new information that came my way was that they purchased the home for $93,000 and extracted some equity so that's why they owe $108,000.

In this way cap can be improved.I am seeing however lots of sellers and listing brokers where the property for that value has already been extracted.