What if the seller dies or gets a judgement placed against him?

Question - Is Eastside likely to accept the deed in lieu or will they be more likely to move forward with forclosure and pursue any deficiency judgement in court?

If your mentor is the one who turn you into this deal or approved it knowing all the details, I would strongly question his /her judgement (Or worse, his/ her motives)...

You can be sued and they come after your property to cover the judgement.

Since she has a pretty good job like, you will likely be able to pursue a judgement for damages and be able to garnish her wages.

It is the seller who is at risk for having ruined credit, and may be subject to a default judgement. 

Unit A & B I believe I can rent at $1,525 comfortably on the extension.Expected gross revenue:$5,000 in rent conservatively(STR is hard to factor)Expected Expenses:$540/mo in Property Management$480/mo in Landlord Insurance$1,050/mo in Property Taxes$480/mo in Vacancy$480/mo in Capex reservesNet Revenue:Just under $2k a month*Still contemplating, will reserve judgement until reno is done.

You'd have to first sue for nonpayment of rent and get the judgement from the court. 

The judgement which follows (after you have possession and have determined extent of damages, minus deposit etc) is where you would re-coop any unpaid balances.The basic requirements for notice are (as I understand them): Include date, address, tenant name State amount of rent due If including late fees,  state amount of late fees Provide total which must be paid by end of period Make clear that the lease will terminate if tenant does not pay within expiration period

Did I collect on the eviction judgement?