Rather than wonder, find out, make a decision and move on. 

Please consider this if you move forward.Additionally, you need to have a broker on payroll in illinois and three separate bank accounts with the security deposit trust account located in illinois.

Instead, you've got a couple of options:1) Keep it in your names for the exchange, then move it into an LLC later.

The only thing that makes these properties turn key is the fact they are move-in ready for a lower income tenant with low expectations.

However, HML's will move quicker and have more flexibility in their terms, with a higher interest rate. 

5️⃣ Pressure to Move Fast – Trying to get you to wire money or sign contracts without due diligence?

If you're keeping it a separate studio rental and want to maximize the space, then removing it seems to be the right move - and definitely reduces the liability.

The market between the 2 locations & resident class (Especially if you plan to self mange or find a PM company), Your future goals and the costs associated with moving and transferring to a new hospital. 

Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle. 

Sad reality is I'll probably own a few rentals before ever moving out.