Lehman Brothers thought they understood the market and where are they now? 

This has to be understood before a corrective action can be addressed.It almost sounds like the bank foreclosed, mixed up the addresses (legal description rules) and you have “owned” the wrong property during this time.I dealt with a similar issue, two halves of a duplex, where the Original legal descriptions were reversed upon the sale of the units.  

Regrettably, you continue with personal attacks.If I understood your position - you're saying that AZ or any other state would simply honor the statute of the state where the Series LLC was formed, Texas in this case.

This could work if you A) grew up in that area and understood the culture B) Had multiple and again able to spread the costs/problems...

:This is why all of my rentals are equally if not more attractive to first time home buyers... not just investors.Not sure if you actually understood the post.

Is it just understood that the new renters will have walls with holes or is there an expectation that all of that is fixed?

Is it just understood that the new renters will have walls with holes or is there an expectation that all of that is fixed?

I don't think anybody understood this post.

@Anthony Wick Ok understood.

I understand that your wife may be worried about failure, but any kind of investment comes with a chance of failure so the risks must be understood prior to jumping in and the fear must be overcome with the confidence of being successful.Since you're starting funds are $0, a HELOC can be a great tool for getting started, but ultimately you will need some kind of funds of your own because you must pay the HELOC each month during the flip.