From what I've researched, it's the less than ideal situation to be in because of the reasons you've stated.

That would almost always be from the same lender who has a 1st AND 2nd on the property and they are just fed up with the owner and are taking the opportunity to get out of a bad situation entirely.Sorry, it's complex enough that it isn't a 15 minute class.

To really give you good feedback on this, we’d need to know more about your goals and your current financial situation.

Once an LLC is in the situation, it is a whole new world. 

Hi Kin,Three quick questions come to mind that would impact your situation.

Now the situation has occurred that we need to rent the house out in order to help pay for his long term care expenses. 

Is there anything I can do as a partner in the deal to help in this situation while still having the loan in his name? 

I'd really appreciate hearing from you if you’ve been in a similar situation or have any insights.

I will also emphasize the importance of keeping at least 5% of your gross rent income and allocate it toward emergency situations each month. 

@Kim Meredith Hampton How would I do this in a multi-family situation?