I was recently a part of a conversation in which a few more experienced landlords alluded to being nervous about marketing their rentals publicly due to potential litigation issues.

@Nicholas Lohr While I agree that you can operate without LLCs for a time, you need to also recognize that you are investing in one of the two highest litigated careers in the US.

Then you are stuck with having to evict which is a time consuming and costly process, not to mention emotionally draining as you are going to be litigating against people you may have come to like and trust and whose personal circumstances are out of their control.Biggest issue here is that the bank will be less forgiving than you - they have shareholders and federal regulators breathing down their necks, so while you dilly dally with litigation evicting a family whose breadwinner lost his/her job, the bank is demanding you keep their payment current or they'll take the building from you.2.

So issue number 1, can I take this to civil court to get my deductible back and lost rents from the PM?

The databases often have inaccurate or outdated home information, and are not able to take into account value-heavy features such as floor plan, neighborhood, exterior appeal, interior flow, kitchen and master bedroom space, interior light, ceiling height, yard appeal, proximity to features that are positive or negative (park vs. apartment building/auto body shop), plus condo dues, amenities, and/or litigation status, along with many other things. 

Nothing is guaranteed in litigation. 

Therefore additional research on who the heirs may be is likely to be not only necessary but helpful and advisable.If Adverse Possession interests you, definitely get an attorney that has actually litigated an adverse possession case. 

A lot depends on having an experienced general contractor with good knowledge of permitting process, good civil engineer and good architect.

Costs Costs that can be financed 43200 x $140 = $6,048,000 building costs       $75,000 pool       $150,000 site work       $85,000 land       $10,000 design fees       $60,000 civil engineering       $5,000 legal fees (condo incorporation)       $100,000 developer fees       $288,000 commissions and closing costs       $7,000 web design       $6,828,000 total financiable costs Costs that cannot be financed       $1,092,480 closing and interest costs Total cost       $8,208,480 total costs Total cash cost $6,828,000 x 0.2 = $1,365,600 down payment on construction loan       $1,092,480 closing and interest costs       $2,458,080 total cash cost Revenue, Profit, and ROI       $200,000 estimated sales price per unit 36 x $200,000 = $7,200,000 revenue $7,200,000 - $8,208,480 = ($1,008,480) profit ($1,008,480) / $2,458,080 = -41.03% ROI

However, if you need any civil engineering services from surveying, structural calculations/designs, site/grading plan, and storm drainage designs feel free to reach out to me!