Following sale the seller can try settlement or bankruptcy or of course pay off his debts. 

In April 2016 I had to file bankruptcy from debt that could not be managed anymore after a divorce. 

My understanding is that 2nd's are wiped out when you file bankruptcy.

The pictures posted look make it look turn key and is being auctioned because of a bankruptcy.

@Tareq Salaita, I am very concerned about my market going downhill as we are very energy dependent and have our number 2 largest tax payer in our county in bankruptcy and number 4 or 5 has quit paying taxes. 

- Should I immediately put this into an LLC, not knowing what costs could be lurking there that could send me into bankruptcy?  

I filed for bankruptcy 6 months ago.

Yes I have a friend do the showing, but vet the tenant to my criteria:forget fico scoresforget bankruptcies(the above just tell you life gets messy)closely examine the 30, 60, 90 latesand look for collections for trivial bills, eg cell phone and utility servicesIf you're really remote from the property, your friend can can act as "YOUR AGENT" and perform the signing.

Things he'll make you figure out you would have never thought of, what if you die, he dies, you file bankruptcy, he gets married and wants to cash out but you want to hold on longer, can you buy him out, if so at what value today's market value or his basis in the property or whatever amount he wants to decide, who determines FMV for a buyout.....you get the point. 6.

A skilled FICO Coach will go over issues as:-Debt to Income-Bankruptcies?