Especially with the most recent IRS ruling pertaining to foreign owned single member LLC.

Whether the tenant is suffering from a mental illness or not doesn't really pertain to the story, does it?

There are many tricky ways litigators are able to break into an LLC and get access to all your assets even though the lawsuit only pertained to a single property.

sorry for reviving a probably dead thread, but this post had a lot of potential content that nearly exactly pertains to my goals.I am military living out of state, but lived in SPFD and have family in town.

I do appreciate this post as it pertains to what I've been thinking about lately. 

Also you get any reasonable fees pertaining to foreclosing on the lien (attorney fees etc)If the property owner does not redeem then you would just go through with the foreclosure process and close on the property.

While you have options, check in your area for compliance issues pertaining to changing the use of any property and what requirements there may be for any new use before you contract on any property.

But the political climate is something else, especially as it pertains to the relationship between the City and the College.

Keep receipts and all paperwork pertaining to the property. 

In relation to any JV arrangement pertaining to rental properties, there are typically 4 main areas of contribution to the deal (4-M model):Investment Capital (Money)Mortgage Qualification (Mortgage)Day to Day oversight (Management)Expertise (Mastery)Each category could be given its own weight, but generally are given an equal 25% weighting.