Such property is most frequently valued based upon the income it produces.  

I reinstated a loan, which was in default and senior to the HOA lien, and contacted the bank to take the loan subject to.

Got it.As far as to whether the LLC really will or will not protect you (and your land) from liability claims, there are many, many threads on the forum on that subject. 

@Rob KrachYou are clearly acting as an agent and creating an illegal lease mandating tenant to do repairs.You can't find tenants for people because it's a "friend"my advice to you is to get a license in the state of Illinois, and then list properties for lease option and get a fee for finding a tenant buyerOr find a way to get on title as a principal without the license, such as subject to existing financing or land contract.As @Curt Smith said Google "YouTube Jeff Watson illegal Wholesaling"The business of Real Estate Investing takes not just reading on boards but getting a good contract attorney and understanding local laws of agency @Bill Gulley

If not you might need to find another property or loan scenario.If a borrower’s exit strategy is to rent and refinance the subject property, the hard money lender is going to want to know if the borrower is creditworthy to obtain a refinance loan in order to accomplish the exit strategy.

I'm 32 and my wife is 34.We have a good amount in our IRAs that we are looking to potentially tap into ($10k each per the IRS rules) IF we qualify under the first-time home-buyer early distribution not subject to the 10% penalty.  

That whole trip that little voice just would not allow itself to be muted instead it got louder and more frequent.

Stay on top of your realtor and get frequent updates.Best of luck!!

If there is a chat box pinging frequently (not that I expect I would be contacted very often) it would be distracting when I am working on other things.

Im thinking I could do a subject-2 (need info on the due on sale clause) but the seller's mortgage is 623/mo with an 11%.