Well if you go together it could split it and get basically nothing - spend $2-3k file a lawsuit and get a judgment you are first in line… Also in many instances you can slap that judgment on his personal residence as well and foreclose on that.

Dave Ramsey has a good saying about how Thanksgiving Dinner is different when you owe money to the other person at the table.

Hey @Cameron MarroPersonal Loan or Line of Credit: If you have decent credit, a personal loan or line of credit could give you access to the cash you need for renovations without using your property as collateral.

Cosmo - I personally don't know Phoenix well, but if I had to do this in another city I would look at income levels, crime levels, and population growth (if you can) by zip code and/or area within a DMA as a starting point.

RE has always been a lifestyle for me personally. 

@Marc Zak Using an LLC for each property provides strong liability protection by isolating risks to individual assets, with income and expenses flowing through to your personal taxes on Schedule E.

So I wonder if I can sell my home in Idaho, purchase the new one under my personal name, then how many months or years must pass before I can setup an LLC as the owner of my primary residence, or if you think that will be a good idea? 

Pre-foreclosure - homeowners are desperate to avoid foreclosure and they quitclaim deed the title to some XYZ organization , person, or to a lawyer that specializes in foreclosure defense.

Was that person me or another person as that sounds like something I have been telling people? 

Nothing personal.