If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

Homeowner filed chp 7.

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

A 4-pt inspection I ordered for insurance purpose seems to confirm this.

Vacancy rate, insurances taxes, interest rate, repairs and maintenance.

With a private auction of an already foreclosed property, you will usually be allowed as part of the closing to have a title search done and to buy title insurance.

If I paid cash for this property, the HOA + Insurance + taxes is around $500 / month. 

That (and insurance issues) are two big risks.

. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

Tampa can work, but yes, taxes and insurance are higher and might keep cash flow tight.